Selling Reno And Sparks Real Estate Blog

This Reno Market Update is brought to you by Kevin Sigstad 2011 RSAR President-Elect and Helen Graham Treasurer 

The Reno/Sparks Association of REALTORS gets "To the Point" and presents a detailed analysis of the current trends in residential Real Estate in Northern Nevada. 
To the Point is Sponsored by the Reno/Sparks Association of REALTORS
Charts and graphs created by North Leaf Solutions under license of RSAR 

December 2011 unit sales totaled 524!

A record for Northern Nevada. The median year end sales price was $154,000.

Reno Nevada Market Report For May 2011

Prepared by Terrie Leighton, REALTOR® in Northern Nevada

Reno, Nevada saw 316 single family homes close in May 2011

There are now 316 happy new home owners living in Reno, Nevada today. Those lucky home buyers were able to take advantage of low homes prices, the average sales price of a Reno home sold was just under $200,000, and low interest rates. Rates were sitting right around 5% for FHA loans, for the month of May.

Reno, Nevada is a great place to live. Located in the Washoe Valley area in Northern Nevada. We are close, with in an hours drive, to majestic Lake Tahoe. Reno is close, within an hours drive,  to many ski resorts. If you live in Reno, Nevada you can take a day trip, approximately three hours away, to  the Yosemite National Park. Reno is a great place to live. Reno offers some of the most affordable single family homes available in the state. Take a look at the following market statistics to see how the Reno real estate housing market is doing. 

Reno Real Estate Report ~ By The Numbers:

Total Homes Sold in May 2011 = 316
Total Homes Sold In May 2010 = 303
Total Homes Sold in May 2009 = 300

Medium List Price May2011 = $145,000
Medium List Price May 2010 = $188,500
Medium List Price May 2009 = $185,000

Medium Sold Price May 2011 = $144,450
Medium Sold Price May 2010 = $186,900
Medium Sold Price May 2009 = $179,500

Days on the Market May 2011 = 106
Days on the Market May 2010 = 88
Days on the Market May 2009 = 110

The volume of single family homes sold in Reno, Nevada over the past three years is very consistent. May 2011 closed 16 homes more than were closed during this same time 2009 and 13 more than the same time in 2010. The average time on the market is around three months. Reno home buyers looking to get into a Reno home should plan on a three month waiting period.

There was little change in home selling prices from 2009 to 2010 but 2011 saw home prices drop by 34%. Interest rates are still hovering around 5% and have been very consistent over the last three years. A factor that could be affecting the decline in home princes is the job market. Northern Nevada has one of the highest unemployment rates in the nation. It might me a factor or it might not be, the number of homes sold was consistent over the last three years so we cannot be sure.

From the chart above, we see that short sale properties and bank owned properties make up 57% of the single family homes sold during May 2011. Could this be the reason home values have dropped so drastically? Home owners who are no longer able to afford their mortgage are walking away or asking their lien holders to take a loss on the mortgage. I am going to assume that until this process stops, home prices here in Northern Nevada will continue to drop.

However, as the number of home buyers purchasing continue to rise, the real estate market is likely to turn. The  three hundred and sixteem individuals, investors and first time home buyers who purchased a single family Reno home in May 2011 tells us that  buying real estate is still a good investment. When the market will stabilize is any ones guess but Reno's affordable prices still make home buying desirable.

So if you are Interested in purchasing a single family home in Reno, NV, Currently there are 1481 Actively Listed Homes for sale with a medium list price of $224,000. 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, call  me at 775-846-5424 or start your Reno Home Search to find the home that is perfect for you and your family.

Last months Market Report:

Reno Nevada Market Report ~ Single Family Homes Sold April 2011

Reno Nevada Market Report ~ Single Family Homes Sold May 2011

*The above statistics are for single family homes only and do not include condos or multi-family homes in Reno, Nevada.

*Dislcaimer : Data based on information from NNRMLS. The NNRMLS does not guarantee nor is any way responsible for its accuracy. All real estate activity is not reflected in this post. Content is deemed reliable but not guaranteed. Reported sales were not necessarily listed or sold by Terrie Leighton or Ferrari-Lund Real Estate.

Sparks Nevada Market Report For May 2011

Prepared by Terrie Leighton, REALTOR® in Northern Nevada

The City of Sparks saw 171 single family homes close in May 2011

There are now 171 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 $170,000, and low interest rates during, rates were sitting right around 5% for FHA loans, for the month of May, 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.

Sparks, Nevada Single Family Homes Sold May 2011, by the numbers:

Total Homes Sold May 2011 = 171
Total Homes Sold May 2010 = 154

Medium List Price May 2011 = $151,700
Medium List Price May 2010 = $165,000

Medium Sold Price May 2011 = $151,000
Medium Sold Price May 2010 = $164,990

Days On The Market May 2011 = 100
Days On The Market May 2010 = 108

From the above numbers we see May 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 10% 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.

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 May 2011. (see above chart). 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 482 Actively Listed Homes for sale in the NNRMLS with an average list price of $166,800. 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 46 bank owned Active Listings. The medium list price of a Sparks Bank Owned Property is $138,400. 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 204 short sale properties active for sale. The medium listed price for a Sparks Short Sale Property is $149,900.

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.

Listed below are previous Sparks, Nevada market reports:

Sparks Nevada Market Report April 2011

Sparks Nevada Market Report March 2011

Sparks Nevada Market Report February 2011

Sparks Nevada Market Report January 2011

Sparks Nevada Market Report ~ Single Family Homes Sold May 2011

*Disclaimer: Data based on information from NNRMLS. The NNRMLS does not guarantee nor is any way responsible for its accuracy. All real estate activity is not reflected in this post. Content is deemed reliable but not guaranteed. Reported sales were not necessarily listed or sold by Terrie Leighton or Ferrari-Lund Real Estate.

Northern Nevada Market Report ~ To The Point By The Reno Sparks Association of REALTORS®

To The Point ~ A complete market analysis of the area's real estate market for April 2011 brought to you by the Reno Sparks Association of Realtors 

  Featuring Sherrie Cartinella, 2011 President Reno/Sparks Association of REALTORS®, Kevin Sigstag, 2011 President Elect Reno/Sparks Association of REALTORS®

Overview:

Affordability! Word of the month for April 2011 ~ April 2011 sales performed above average due in part to very affordable low housing prices, favorable interestsrates and an abundance of inventory.

 Sales for April 2011 were lower than previous months but compared to previous years, April 2011 still out performed recent years, not counting April 2010 where home buyers were able to use the first time home buyers tax credit incentive.

Please watch the Northern Nevada Market Report below to get a complete perspective of the areas real estate market.This video  will give you a complete overview of the Reno/Sparks housing market for the month of April 2011. Find out why buying a home in Reno or Sparks Nevada is so affordable and a good time to do so.

And Remember,  if you are starting to see the many affordable  real estate opportunities available and would like to take advantage of low home prices and low interest rates, please contact me to help you with all your Northern Nevada real estate needs.

 Search my website, MyRenoHomeSearch, for a complete list is homes for sale in this area.

Sparks Nevada Market Report for April 2011

Prepared by Terrie Leighton, REALTOR® in Northern Nevada

Sparks, Nevada saw 145 single family homes close in April 2011.

There are now 145 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 5% for FHA loans, for  the month of April.

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.

 Sparks, Nevada Real Estate Report ~ By the Numbers:

Total Homes Sold April 2011 = 145
Total Homes Sold April 2010 = 159

Medium List Price April 2011 = $139,900
Medium List Price April 2010 = $169,900

Medium Sold Price April 2011 = $140,000
Medium Sold Price April 2010 = $169,000

Days On The Market April 2011 = 105
Days On The Market April 2010 = 99

 In comparing last year over this year we see that April ended the month with about 1% fewer sold transactions than the same time last year. Medium list prices and medium sold prices were down about 3% from last year. Medium prices continue to fluctuate within in a narrow range. This continued trend of minor fluctuations may indicate we are near the bottom of the market. When the end will come is any ones guess. But as interest rates remain low, buying is still considered a good investment.

Interested in purchasing a single family home in Sparks, NV? Currently there are 472 Actively Listed Homes for sale with an average list price of $166,800. 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 41 bank owned Active Listings. The medium list price of a Sparks Bank Owned Property is $132,000. 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 208 short sale properties active for sale. The medium listed price for a Sparks Short Sale Property is $145,000.

 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.

Listed below are previous Sparks, Nevada market reports:

Sparks Nevada Market Report March 2011

Sparks Nevada Market Report February 2011

Sparks Nevada Market Report January 2011

Sparks Nevada Market Report ~ Single Family Homes Sold April 2011

*Disclaimer: Data based on information from NNRMLS. The NNRMLS does not guarantee nor is any way responsible for its accuracy. All real estate activity is not reflected in this post. Content is deemed reliable but not guaranteed. Reported sales were not necessarily listed or sold by Terrie Leighton or Ferrari-Lund Real Estate.

Northern Nevada Market Report ~ To The Point By The Reno Sparks Association of REALTORS®

To The Point ~ A complete market analysis of the area's real estate market for February 2011 brought to you by the Reno Sparks Association of Realtors .

  Featuring Sherrie Cartinella, 2011 President Reno/Sparks Association of REALTORS®, Kevin Sigstag, 2011 President Elect Reno/Sparks Association of REALTORS® and Ken Amundson, 2011 Past President Reno/Sparks Association of REALTORS®.

The following video will give you a complete overview of the Reno/Sparks housing market for the month of February 2011.

 The good news you will hear in this report is the increase in home values this year over last year. The Northern Nevada real estate market has seen a steady increase in homes sold for three consecutive years

I hope you enjoy this thorough presentation of the current real estate market here in Reno, Nevada.

 If you are starting to see the many real estate opportunities available and would like to take advantage of low home prices and low interest rates, please contact me to help you with all your Northern Nevada real estate needs.

 Search my website, MyRenoHomeSearch, for a complete list is homes for sale in this area.

To The Point ~ January 2011

Sparks Nevada Market Statistics for February 2010

Here are your market statistics for single family homes sold in Sparks, Nevada for February 2010:

Sold = 97 Single family residences

Average Sold Price = $175,426

Average Days on the Market = 97

(Compare to January 2010 market statistics here)

There were 97 single family homes sold in Sparks, Nevada during February 2010. 27 of the 97 homes sold were bank owned/ foreclosure properties. The average selling price of a Northern Nevada bank owned property was $163,702 and spent an average of  60 days listed for sale in the Northern Nevada Regional  Multiple Listing Service (NNRMLS).

There were 97 single family homes sold in Sparks, Nevada during February 2010. 38 of the 97 homes sold were short sale properties. The average sold price of a Northern Nevada short sale home was $173,921 and was listed on the NNRMLS for at least 200 days.

Current / Active single family listings in Sparks, Nevada are:

Active = 362

Average listing price = $230,535

Are you looking to buy a foreclosed / bank owned property in Sparks, Nevada? Currently there are 27 bank owned properties listed for sale in the NNRMLS. The average list price is $151,287. Bank ownedproperties tend to sell and receive offers quicker than any other listing therefore it is import to have a northern Nevada  real estate agent working for you to help you find the right bank owned property the day it is listed. If you need someone to help you locate your bank owned property, I check the Northern Nevada Multiple Listing Several times a day and I can search for you so you are one step a head! Please feel free to call me at 775.846.5424 or email me at Terrie@Terrieleighton.com

Are you looking to buy a short sale property? Currently there are 198 short sale properties located throughout Sparks, Nevada. The average list price is $193,414. Short sale properties generally take twice as long to close than bank owned or regular sale properties. So if you are not in a hurry to get into your new home, short sales may be a good choice for you. Feel free to call me (775.846.5424) or email me (Terrie@terrieleighton.com) to help you search for your Sparks, Nevada short sale property.

 Note: The numbers in this market report are derived from the NNRMLS and are believed to be accurate, but they are not guaranteed!

If you need help buying or selling your home in Sparks, Nevada, finding the right Realtor can help make your real estate process simpler. Knowing what the Sparks, Nevada real estate market is doing from month to month,  day to day, is key in being a successful buyer or seller. 

 Let me help you with your home buying or selling process. Visit my web site at www.TerrieLeighton.com  to find different Northern Nevada neighborhoods that might interest you and help ease your home search.  Or, sign up for a free LisitingBook account so you can search Northern Nevada properties at www.myrenohomesearch.com just like I do. It is free and is updated every 15 minutes.

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Sparks Nevada Market Statistics for January 2010

Here are your market statistics for single family homes sold in Sparks, Nevada for January 2010:

Sold =  104 Single Family Residences

Average sold price = $182,188

Days on the Market = 126

There were 104 single family homes sold in Sparks during the month of January 2010.

 Out of the 104 homes that were sold, 36 were bank owned / foreclosure properties. These bank owned properties sold for an average price of $168,105. The average time the foreclosed properties in Sparks Nevada spent on the market was 74 days.

There were 36 short sale properties sold during January 2010.

The average price of a short sale was $178,730. The average amount of time a short sale property spent listed for sale on the Sparks the market 157 days. 

Current / Active listings in the Northern Nevada Regional Multiple Lisitng Service:

Active Single Family Homes =  373

Average List Price = $233,584

Looking for a bank owned / foreclosure to purchase? Currentl,y Sparks has 35 bank owned properties available for sale. The average list price is $156,280.

Looking to buy a short sale property? Currently there are 188 single family short sale properties listed for sale in Sparks Nevada. The average list price is $192,473.

If you need help buying or selling your home in Sparks, Nevada, finding the right Realtor can help make your real estate process simpler. Knowing what the Sparks, Nevada real estate market is doing from month to month,  day to day, is key in being a successful buyer or seller. 

 Let me help you with your home buying or selling process. Visit my web site at www.TerrieLeighton.com  to find different Northern Nevada neighborhoods that might interest you and help ease your home search.  Or, sign up for a free LisitingBook account so you can search Northern Nevada properties at www.MyRenoHomeSearch.com just like I do. It is free and is updated every 15 minutes.

 Note: The numbers in this market report are derived from the NNRMLS and are believed to be accurate, but they are not guaranteed!

Here are your market statistics for single family homes in Sparks, Nevada for December 2009:

Sold = 143 Single Family Homes

Average Sold Price = $175,000

There were 143 single family homes sold in December 2009. During the month of December 2009, there were 144 single family homes sold and in November 2009, 142 single family homes were sold.

The average sold price in December  was $175,000, down just $2,000 from November. The average sold price of a single family home during October was $187,000. The average number of days these homes were on the market was 117 days.

Bank Owned Sold Properties = 52

Average Bank Owned Sold Price = $162,000

Out of the 143 single family homes that sold during December 2009, 52 were bank owned and sold for an average price of $162,000 while spending an average of just 75 days on the market.

Short Sale Properties Sold = 44

Average Sold Short Sale Price = $165,5000

There were 44 short sale properties sold (homes that required third party approvals) during December. The average sold price of a short sale property was $165,500 and spent an average of 167 days listed in the Northern Nevada Regional Multiple Listing Service.   The average sold price of a short sale during the month of November 2009 was $170,127.

Out of the 143 single family homes that were sold in December 2009, only 47 were sold without special conditions. The other 96 homes sold were either bank owned or required third party approval. These numbers show us the current real estate market in Sparks, Nevada are still being influenced by these special conditions. As long as this happens, I believe we will continue to see a decline in the home prices of single family homes.

Currently Listed = 775 Single Family Homes in Sparks Nevada

Currently Available = 363

Average List Price = $189,000

If you are looking for a home in Sparks, Nevada, currently we have 775 single family homes listed for sale. Keep in mind  only 363 are available and active. All other active  single family listings are pending short sale approval or loan approval.

If you are looking for a bank owned property or a foreclosed property in Sparks, Nevada, we have 40 active single family bank owned properties with an average list price of $154,9000.

If you are looking for a short sale property, one that requires a third party approval and will not close quickly, you will find at least 182 currently listed for sale in the Northern Nevada Regional MLS. The average Price of one these properties is $170,000.

Please remember the numbers in this market report are derived from the NNRMLS and are believed to be accurate, but they are not guaranteed!

Sparks Nevada Market Report For December 2009

Sparks Nevada Market Report For November 2009 ~ Washoe County Nevada

Here are your market statistics for single family homes in Sparks, Nevada for November 2009:

Sold = 114 Single Family Homes

Average Sold Price = $179,783

There were 144 single family homes sold in November 2009. During the month of October 2009, there were 145 single family homes sold and in September 2009, 160 single family homes were sold.

The average sold price in November was $179,783, down just $3,000 from October. The average sold price of a single family home during October was $182,584. The average number of days these homes were on the market was 109 days.

Bank Owned Sold Properties = 48

Average Bank Owned Sold Price = $163,826

Out of the 144 single family homes that sold during November 2009, 48 were bank owned and sold for an average price of $163,826 while spending an average of just 69 days on the market.

Short Sale Properties Sold = 43

Average Sold Short Sale Price = $170,127

There were 43 short sale properties sold (homes that required third party approvals) during November. The average sold price of a short sale property was $170,127 and spent an average of 175 days listed in the Northern Nevada Regional Multiple Listing Service.   The average sold price of a short sale during the month of October 2009 was $188,000.

Out of the 144 single family homes that were sold in November 2009, only 53 were sold without special conditions. The other 91 homes sold were either bank owned or required third party approval. These numbers show us the current real estate market in Sparks, Nevadais still being influenced by these special conditions. As long as this happens, I believe we will continue to see a decline in the home prices of single family homes.

Currently Listed = 836 Single Family Residences in Sparks Nevada

Currently Available = 368

Average List Price = $207,711

If you are looking for a home in Sparks, Nevada, currently we have 836 single family homes listed for sale. But only 474 are available and active. The other 368 single family homes are pending short sale approval.

If you are looking for a bank owned propertyor foreclosed property in Sparks, Nevada, we have 39 active single family bank owned properties with an average list price of $185,019.

If you are looking for a short sale property, one that requires a third party approval and will not close quickly, you will find at least 124 currently listed for sale in the Northern Nevada Regional MLS. The average Price of one these properties is $187,628.

Please remember the numbers in this market report are derived from the NNRMLS and are believed to be accurate, but they are not guaranteed!

Sparks Nevada Market Report For November 2009