~Reno Nevada Market Statistics for May, 2010~
Prepared by Terrie Leighton, Realtor, Ferrari-Lund Real Estate in Northern Nevada
Here are a few real estate statistics for Reno, Nevada during May 2010:
This report is for single family homes sold in Reno, Nevada for May 2010:
Sold = 242 Single Family Homes
Median List Price = $199,900
Median Sold Price = $193,500
Average Days on Market = 88
There were 242 single family homes sold in Reno, Nevada during May 2010. During April 2010, there were only 323 single family homes sold. I think we are seeing the First Time Home Buyers Tax credit working to get home buyers into their homes before it expired.
Foreclosures ~ 64 of the 242 homes sold were bank owned/ foreclosure properties. During April 2010 there were 81 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 median selling price of a Northern Nevada bank owned property was $144,000 and spent an average of 59 days listed for sale in the Northern Nevada Regional Multiple Listing Service (NNRMLS).
Short Sales ~There were 242 single family homes sold in Reno, Nevada during May 2010. 73 of the 242 homes sold were short sale properties. The average sold price of a Northern Nevada short sale home was $179,000 and was listed on the NNRMLS for at least 193 days. The number of short sale properties during A May 2010 is comparable to April 2010.
The housing market in Reno, 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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REALTOR®
Certified Distressed Property Expert (CDPE)
Certified Default Resolution Specialist (CDRS)
Short Sales & Foreclosure Resource ~ Certified (SFR)
Ferrari-Lund Real Estate
775.846.5424
