Sparks Nevada Market Report For October 2011
Prepared by Terrie Leighton, REALTOR® in Northern Nevada
The City of Sparks saw 146 single family homes close in October 2011
There are now 146 happy new home owners living in Sparks, Nevada today. Those lucky home buyers were able to take advantage of low homes prices, the average sales price of a Sparks home sold was just under $150,000, and low interest rates during, rates were sitting right around 4% for FHA loans, for the month of October, 2011.
The City of Sparks is constantly changing to keep up with the times while maintaining that "Hometown Hospitality" feeling residents experience while living and visiting Sparks. The cities Parks and Recreation department is continually offering fun and exciting events for area residents to enjoy.
The Annual Legends at the Sparks Marina Holiday Tree Lighting is being held this Saturday, November 26, 2011 and you won't want to miss the Christmas Tree Decorating competition taking place from November 24th to December 5, 2011.
Sparks, Nevada Single Family Homes Sold October 2011, by the numbers:
Total Homes Sold October 2011 = 146
Total Homes Sold October 2010 = 121
Medium List Price October 2011 = $144,950
Medium List Price October 2010 = $169,000
Medium Sold Price October 2011 = $144,900
Medium Sold Price October 2010 = $165,990
Days On The Market October 2011 = 130
Days On The Market October 2010 = 1137
From the above numbers we see October 2011 was a very productive month when comparing the number of homes sold from the previous year. Twenty more homes were sold this year and the amount of time each single family home spend on the market was slightly lower. Prices decreased by 23% over last year but are showing signs of stabilizing. Has the housing bubble burst? Not from the numbers we are seeing here in Northern Nevada.
Total number of Bank Owned Properties sold = 52
Medium Bank Owned Sold Price = $119,900
Days on the Market for a bank owned = 104
Total number of Short Sale Properties sold = 52
Medium Short Sale Sold Price = $119,799
Days on the Market for a short sale = 193
The number of homes with special conditions, i.e. Bank Owned and Short Sales, accounted for 54% of the single family homes sold during the month of October 2011. Until the number of homes sold with "NO" special conditions start to out number the homes "WITH" special conditions, we will still see a housing market that fluctuate from month to month. Home prices will most likely continue to drop until stabilization occurs.
Interested in purchasing a single family home in Sparks, NV? Currently there are 335 Actively Listed Homes for sale in the NNRMLS with an average list price of $138,800. There are some fantastic opportunities for investors and first time home buyers right now. If you would like to take advantage of some of these great home values, contact me or start your Sparks Home Search to find the home that is perfect for you and your family.
What about those bank owned and short sale properties in Sparks? If you are looking for a foreclosure or short sale home, there are many of these types of properties available in Sparks, Nevada. Currently there are 63 bank owned Active Listings. The medium list price of a Sparks Bank Owned Property is $138,200. See what I mean about great home values that are available in this small town?
If you are an investor or just a home buyer who has time, not in a hurry, or doesn't need to rush, then a short sale could be a good choice for you. Currently Sparks, NV has 136 short sale properties active for sale. The medium listed price for a Sparks Short Sale Property is $156,070.
Many home buyers are willing to wait a little extra once they find the home they love. Although the short sale process takes longer than regular sales and REO sales, buyers are considering short sales when they are located in desirable neighborhoods, or in particular school areas or are close to work, shopping, etc. Short sale properties are great investments so why not consider them when shopping for a Sparks Home?
*The above statistics are for single family homes only and do not include condos or Multi-family homes in Sparks, Nevada.
Sparks Nevada Market Report ~ Single Family Homes Sold October 2011