Sparks Nevada market report for April 2010
Sold = 157 Single Family Homes
Median List Price = $168,000
Median Sold Price = $168,000
Average Days on Market = 106
There were 157 single family homes sold in Sparks, Nevada during April 2010. During March 2010 there were only 141 single family homes sold. I think we are seeing are the First Time Home Buyers Tax credit working to get home buyers into their homes before it expired.
Foreclosures ~ 35 of the 157 homes sold were bank owned/ foreclosure properties. During March 2010 there were 39 bank owned properties sold. A decrease in bank homes sold could mean we are nearing the end of the housing crisis and fewer foreclosures are taking place OR the banking institutions who foreclosed on these properties on holding onto them until housing prices start to rise. The reason for a decrease in bank owned properties sold is really any ones guess, we will have to see the statistics for May to see if a trend is present.
The average selling price of a Northern Nevada bank owned property was $144,000 and spent an average of 77 days listed for sale in the Northern Nevada Regional Multiple Listing Service (NNRMLS).
Short Sales ~There were 157 single family homes sold in Sparks, Nevada during April 2010. 55 of the 157 homes sold were short sale properties. The average sold price of a Northern Nevada short sale home was $160,000 and was listed on the NNRMLS for at least 178 days. The number of short sale properties during March 2010 is comparable to April 2010. The price of a short sale single family home decreased by $9,000 &was on the market at 30 days less then March 2010. The lending institutions appear to be approving short sales faster as prices start to drop.
The housing market in Sparks, Nevada appears to be stabilizing but the number of homes being sold with specials conditions tells us we are still in a volatile situation, one that continually changes from month to month. Until people are able to stay in their homes and make their monthly payments or sell them without short selling or having them foreclosed upon, there really is no way to predict when the market will start stabilize.
Note: The numbers in this market report are derived from the NNRMLS and are believed to be accurate, but they are not guaranteed!
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