Want to know what’s happening in the Sparks-Spanish Springs real estate market. Here is a recap of what sold in February 2010. (Stick built homes in Sparks-Spanish Springs from MLS data)
There were 45 short sales closed in February with a median list price of $159,900 and median sold price of $156,000. The average days on market for these closed sales was 190 days. Short sales accounted for 40.2% of the total sales in February.
There were 41 REO/foreclosure properties sold in Februrary with a median list price of $150,000 and median sold price of $143,000. The average days on market for these closed sales was 86 days. The REO/foreclosure properties accounted for 36.6% of the total sales in February.
There were 26 homes sold that were not distressed sales in February with a median list price of $179,950 and a median sold price of $178,200. The average days on the market for these closed sales was 106 days. These sales account for 23.2% of the total sales in February.
Looking forward here is a recap of the Active and Pending Sales in the Sparks-Spanish Springs area.
There are 584 short sales currently on the market. 203 of those are active and 381 are pending short sale approval. The median price for active/pending short sale listings is $168,250 and the average days on market is 145 days. Short sale listings account for 62.3% of the active or active pending inventory.
There are 133 REO/foreclosure properties currently on the market. 45 of those are active and 88 are pending sale. The median price for active/pending REO/foreclosure properties is $145,000 and the average days on the market is 71. REO/foreclosure listings account for only 14.2% of the active/pending inventory.
There are 220 non-distressed propertys listed. 137 are active and 83 are pending. The median price for non-distressed listings is $249,999 with an average of 122 days on the market. Non-distressed properties account for 23.5% of the active/pending inventory.
So, what does this mean for home buyers and sellers? Short sales are a large part of the market. Whether you are buying or selling a home in the Sparks-Spanish Springs area be sure to enlist an “EXPERIENCED” short sale agent to assist you. These are complicated transactions that require a REALTOR with not only certifications but actual closing experience.
REO/foreclosure sales are becoming more scarce has banks begin to see the value of short sales and slowly release their foreclosed inventory. These properties require immediate action from buyers as they will typcially go into contract quickly and often with multiple offers.
Non-distressed properties are in demand by buyers, but many sellers continue to over price these properties. Some buyers are willing to pay for the convience, but not many will over pay just for the convenience. Sellers for you that means sharpening your price and being realistic about current market conditions.
Popularity: 1% [?]
Sales of single family homes in the Sparks and Spanish Springs areas dropped 17.3% in August as compared to July this year. But when compared to August of 2007 the drop is only 6.5%. The median home price in Sparks and Spanish Springs for August 2008 was $227,650, which is down from $291,500 in 2007. The average number of days homes are on the market was 133 this year compared to 106 last year.
Let’s take a look at how each area is doing…
Spanish Springs East (Bridle Path etc.) accounted for 6.9% of the area’s sales. Sold prices ranged from $365,000 to $650,000 with a median price of $413,950. Homes in this area were on the market an average of 172 days.
Spanish Springs South (Wingfield Springs & Cimmaron) accounted for 12.7% of the area’s sales. Sold prices ranged from $215,000 to $415,000 with a median price of $300,000. Homes in this area were on the market an average of 132 days.
Spanish Springs West accounted for 13.9% of the area’s sales. Sold prices ranged from $157,000 to $540,000 with a median price of $229,000. Homes in this area were on the market an average of 133 days.
Sparks accounted for 13.9% of the area’s sales. Sold prices ranged from $118,900 to $199,900 with a median price of $161,000. Homes in this area were on the market an average of 91 days.
East Sparks accounted for 27.9% of the area’s sales. Sold prices ranged from $145,000 to $540,000 with a median price of $208,500. Homes in this area were on the market an average of 147 days.
Sparks Foothills (D’Andrea) accounted for 9.3% of the area’s sales. Sold prices ranged from $197,000 to $390,000 with a median price of $231,500. Homes in this area were on the market an average of 127 days.
Sparks Suburban (The Vistas & Kiley Ranch) accounted for 16.2% of the area’s sales. Sold prices ranged from $215,000 to $333,000 with a median price of $280,500. Homes in this area were on the market an average of 131 days.
The East Sparks area and the Spanish Springs West area had the highest number of short sale and bank owned closings in August. East Sparks accounted for 29.7% of the short sale and bank owned sales, and Spanish Springs West accounted for 23.4% of the short sale and bankowned sales.
Data taken from the NNRMLS as of 9/2/08.
Popularity: 5% [?]
Most buyers would not consider offering full price much less above full price given their perception of the current market conditions. But here are the facts In the Sparks/Spanish Springs area so far this month 35.4% of the homes sold for prices above asking price and another 25.8% of homes sold at asking price. That’s a total of 61.2% of the homes sold so far this month selling at or above the seller’s asking price. Overall the homes that have sold this month sold at an average of 99.1% of asking price with an average list price of $275,674 and an average sales price of $273,280.
Why are sellers getting their asking price or above? Competitive pricing. 60% of the sellers that got their asking price or above were bank owned properties. This is due to the fact that most banks are having several appraisals or broker price opinions done prior to listing the property and then pricing them competitively. In many cases these properties are getting multiple offers if they are very competitively priced. So if you are considering submitting a “low ball” offer on a competitively priced home you should be prepared to possibly loose out to another buyer. Ask your agent to do a competitive market analysis of the property you are considering so that you can make a strong offer based on the market value.
So what are homes in Sparks/Spanish Springs selling for?Here are how the prices break down for homes sold this month:
- Under $200,000 – 26%
- $200,000 – $250,000 – 26%
- $250,000 – $300,000 – 13%
- $300,000 – $350,000 – 13%
- $350,000 – $400,000 – 16%
- $400,000 – $450,000 – 0
- $450,000 – $500,000 – 3%
- Over $500,000 – 3%
So far this month 54.8% of the sales were bank owned and 16.1% were short sales. The average sold price per square foot was $135/sqft. with an average 116 days on the market.
Popularity: 5% [?]
As we begin to see an increase in buyer activity in the Sparks and Spanish Springs real estate market many want to know what is selling and where. According to data from the Northern Nevada Regional MLS, as of today in the Sparks and Spanish Springs areas almost three-quarters (73.5%) of the single family homes that have sold since March 1, 2008 are in the under $300,000 price range. These homes have an average list price of $242,423 and an average sold price of $232,252.
Where are these homes?
- 36% – East Sparks (Established neighborhoods like Wabash Circle)
- 28% – Sparks Suburban (Includes neighborhoods like The Vistas and Kiley Ranch)
- 16% – South Spanish Springs (Included neighborhoods like Wingfield Springs and Cimmaron)
- 12% - West Spanish Springs (Near Spanish Springs High School)
- 4% – Sparks
- 4% – West Spanish Springs (Includes neighborhoods like Bridle Path)
The homes that have sold since March 1, 2008 experienced an average of 124 cumulative days on the market. Bank owned properties received on average 96.32% of asking price and other sellers received 95.1% of asking price.
What is driving the prices and sales in the Sparks and Spanish Springs area? Bank owned homes. Of the homes mentioned above 60% were bank owned properties that entered the market as a result of a foreclosure. What does this mean for buyers? Opportunities galore. There are still a large number of bank owned homes available on the market in the Sparks and Spanish Springs areas. As we all know banks are anxious to remove these homes from their inventory and have priced them very competitively.
Contact a Dickson Realty agent today to learn more about the Sparks and Spanish Springs markets as well as the pros and cons of buying a bank owned home.
Popularity: 7% [?]
Tuesday, March 2, 2010 By: Amy Shocket
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