Archive | Market Statistics/Research
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.
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Here are the most current statistics on unemployment in the state of Nevada and for Washoe County.
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With a new decade just begun, it’s interesting to look back at where we’ve been these past 10 years. In 2002, there were 1023 single family homes sold in the Truckee/Lake Tahoe area, with a median price of $397,500. By 2006, we reached the peak of market value, at a median price of $680,000. Now, at the end of 2009, we’re down to a median price of $512,000, a total decrease of 25% in median value from the high in 2006, yet a 29% increase since 2002. However, this year has also seen an increase in number of homes sold (787), up 20% from the low in 2008 of 655.
In looking at the Tahoe Donner subdivision in Truckee, which comprises the largest percentage of the sales in the overall area, the statistics are similar. In 2002, there were 302 single family homes sold, with a median price of $495,000. The highest median market value was reached in 2005, at $765,000. At the end of 2009, the median price is at $568,500, again, a 25% drop since the high in 2005, yet still a 29% increase from where we were in 2002. And similar to the picture for the entire area, the number of homes sold in 2009 in Tahoe Donner (225) was up 16.5% from 2008.
During the past year, we’ve seen our share of distressed properties come on the market, although not near as many as many areas of our state and country. Of the 787 single family homes that sold in 2009, 127 (16%) were foreclosures and 85 (11%) were “short sales”. We currently have only 23 foreclosure properties active on the market (3% of the total inventory available), and 102 “short sales”, comprising 14%.
As we look towards this new decade, we’re excited about the opportunities in our industry that will hopefully allow many more buyers to realize their dreams of home ownership, be it here in our mountain paradise, or wherever their dreams may take them.
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After two weeks of delay, the Senate last night cleared the way to pass a seven month extension and expansion of the tax credit for homebuyers. By an 85 to 2 roll call vote, the Senate voted to cut off debate on a package of measures that includes the homebuyer credit, making it virtually certain that the legislation will reach President Obama for his signature this week.
The homebuyer tax credit, due to expire in 28 days, would be extended through April 30 of next year. First-time buyers who are in process of making a purchased would not need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline.
For the first time, the legislation cleared last night makes move-up buyers as well as first-time buyers would be eligible for a credit. The $8,000 maximum first-timer credit will continue and will now available to couples with income up to $225,000, a nearly $55,000 increase above the level in existing law. A new $6,500 maximum credit would also be available to move-up homeowners who have lived in their current residence for five of the prior eight years.
By Steve Murray of Real Trends
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The deadline is quickly approaching for buyers who want to take advantage of the $8,000 First Time Home Buyer Tax Credit. Buyers must close escrow on or before November 30th.
Many buyers are still anxiously hoping to close in time for the credit. There are currently about 1890 pending sales in the Reno-Sparks area for stick built, single family homes. Of this number about 61% are short sales which typically take 60-90 days to close. Buyers will need to consult with their REALTOR if they are concerned about closing in time.
According to Moody’s chief economist mark Zandi, by the time the credit expires it will have been responsible for sales of 400,000 new and existing homes, out of a total of 1.4 million sales. That is about 28.5%. Personally 75% of the buyer transactions I have closed so far this year were with buyers who qualified for the tax credit.
As of today there are only 28 more “escrow closing” days. There are 4 holidays between now and the end of November, and with escrows only recorded Monday through Friday time is definitely of the essence.
Currently there are over a dozen bills presented to Congress to extend the credit. If you are a buyer waiting to close and concerned that you might not close in time, I would highly recommend that you contact your Representatives in Congress and urge them to extend the credit. The National Association of REALTORS estimates that for every home sold $63,000 is pumped into the economy which is the equivalent of one new job. This credit is a win-win for both home buyers and the economic recovery.
A recent Zillow survey found that 70% of prospective first-time buyers said that the tax credit was the primary influence, a significant influence or some influence to their purchase decision. Zillow stated that if the credit were extended it could account for another 334,000 home sales. With increasing foreclosure rates, this could be a major factor in whether or not we see a good year next year or one that has continued negative pressure on prices.
The bottom line is that regardless of whether you have enough time to close before the tax credit expires, conditions are still ideal to purchase a home – low prices and competitive rates. If you get the tax credit – it’s a great bonus!
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Interest rates on home mortgages dropped again with the 30-year fixed-rate mortgage averaging 5.08%.
Check out this article in the Wall Street Journal.
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The good news first. Sales of single family residences in the Sparks-Spanish Springs area were up 22% this May over May 2008. This shows that the buyers are out there and making purchases.
Now the not so good news. The median sold price for May 2009 was $166,500. This is down significantly from May 2008 when the median sold price was $245,000. As we often hear, “real estate is regional” and the Sparks-Spanish Springs area is no exception. So here is the figures by area.
Sparks (MLS Area 180) – Median sales price $108,000 with an average days on market of 121 days. 61.11% were bank owned, 27.77% were traditional sellers, and 11.11% were short sales. 66.66% of buyers purchased using FHA financing, 16.66% used conventional financing and 16.66% used cash.
East Sparks (MLS Area 181) – Median sales price $154,000 with an average days on market of 119 days. 69.56% were bank owned, 21.73% were traditional sellers, and 8.69% were short sales. 34.78% of buyers purchased using FHA financing, 16.66% used conventional financing,34.78% used cash and 13.04% used VA financing.
Sparks Suburban (MLS Area 182) – Median sales price $209,000 with an average days on market of 129 days. 48% were bank owned, 40% were traditional sellers, and 12% were short sales. 32% of buyers purchased using FHA financing, 56% used conventional financing, 8% used cash and 4% used VA financing.
South Spanish Springs/Wingfield(MLS Area 183) – Median sales price $210,500 with an average days on market of 158 days. 53.33% were bank owned, 20% were traditional sellers, and 23.33% were short sales. 43.33% of buyers purchased using FHA financing, 33.33% used conventional financing, 20% used cash and 3.33% used VA financing.
West Spanish Springs (MLS Area 184) – Median sales price $165,7500 with an average days on market of 97 days. 57.14% were bank owned, 28.57% were traditional sellers, and 14.28% were short sales. 71.42% of buyers purchased using FHA financing, 21.42% used conventional financing, and 7.14% used cash.
East Spanish Springs (MLS Area 185) – Median sales price $307,500 with an average days on market of 108 days. 80% were bank owned and 20% were short sales. 20% of buyers purchased using FHA financing, 20% used conventional financing, and 60% used cash.
Sparks Foothills (MLS Area 188) – Median sales price $215,000 with an average days on market of 130 days. 50% were bank owned, 33.33% were traditional sellers, and 16.66% were short sales. 33.33% of buyers purchased using FHA financing, 16.66% used conventional financing, and 50% used cash.
If you would like specific valuation for your home, please contact me.
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Word on the street is that home mortgages are hard to get and that banks aren’t lending. Certainly lending criteria has gotten more strict, but banks are lending.
In Sparks/Spanish Springs since January 1, 2009 here is how buyers purchased their homes:
- Cash 17.04%
- Conventional Loans 34.92%
- FHA 41.99%
- VA 5.19%
- Miscellaneous .41%
- Owner Financing .41
As you can see the majority of buyers are using FHA financing as this type of loan only requires 3.5% down payment. Many buyers are also still using conventional financing if they have larger amounts of down payment funds and want to avoid private mortgage insurance.
The number of cash buyers in the market is on the rise, up from 10.3% to 17.04% over the same time last year. This could indicate that there are investors getting back into the market because of the lower market prices.
VA financing is really the only 100% financing that is still available to eligible buyers at this time.
And as you can see it is very rare that owners are financing the sale of a property.
If you have questions about whether or not you qualify for a mortgage you can contact me and I can refer you to several local lenders who would be happy to help.
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Nationally, housing prices have been in free fall for two years. According to the Altos 10-city Composite Price Index, there are some fragile signs of stability, although the hardest hit markets such as Las Vegas in particular, has not seen any slowing in the housing bust.
The Altos 10-City Composite Price Index increased by 1.1 percent during both March and the first quarter of 2009. Prices of properties listed for-sale increased in 18 of 26 major markets, according to the Real-Time Housing Market Report, jointly published by Altos Research and market analysis consultancy Real IQ.
Asking prices fell at the fastest rate during March in Salt Lake City, followed closely by Las Vegas – down 4.0% and 3.9% respectively. Listing prices of single-family homes rose at the fastest rate in San Francisco-up 3.8% in March. Prices in seven markets-New York, Boston, Houston, Los Angeles, San Diego, Miami and Charlotte-are now showing three months of sequential listing price increases.
This information gives us inclings of good news in an industry hit so hard over the last couple of years.
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Do you want to know what homes sold for in the Sparks and Spanish Springs area in February?
There were 103 stick built, single family homes sold in Feburary. The median list price was $199,900 and the median sold price was $192,000. Sellers received on average 97.07% of their asking price. Bank owned properties accounted for 63.11% of February sales, and short sales accounted for 13.59%. Seller’s with no condition of sale made up 21.36% and sales requiring court approval were the balance at 1.94%.
Here are how the sales break out by area – Palamino Valley 1, Spanish Springs East 1, Spanish Springs South 36, Spanish Springs West 12, Sparks 15, East Sparks 19, and Sparks Suburban 19. No homes were sold in the Sparks Foothills in February.
Look for March sales data in the next week or so.
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Tuesday, March 2, 2010 By: Amy Shocket
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