Archive | Market Statistics/Research
Currently 95 homes on the market – Active and Pending
Of the homes currently on the market, there are 47 not located in Del Webb, The Vue and The Village.
Of the 47 homes, only 30 are available without an offer.
- 5 between $200k and $300k
- 10 between $300k and $400k
- 5 between $400k and $500k
- 6 between $500k and $600k
- 3 between $600k and $700k
- 0 between $700k and $800k
- 0 between $900k and $1million
- 1 over $1million
Of the 17 homes in escrow, 15 are subject to a short sale or bank owned and 2 are regular sales.
85 homes have closed in Somersett since January 1, 2010. 17 were bank owned, 27 were short sales and 41 were regular sales.
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From the Northern Nevada Business Weekly, August, 9, 2010:
Personal income
The U.S. Bureau of Economic Analysis says per-capita personal income in the Reno-Sparks region in 2009 was $43,986, a 6.3 percent decline from a year earlier. The region ranks 35th in per-capita income nationally.
Underwater home owners
“Nearly 62 percent of the homes with mortgages in the Reno-Sparks market have negative equity – their owners owe more than the property would sell for – and home prices in the market are off 49.4 percent from their peak,” Zillow Real Estate Markets Reports says.
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According to data from the Northern Nevada Regional Multiple Listing Service, short sales posted the highest number of sales for June. In sales of residential, stick-built homes in the Reno-Sparks area there were 575 sales in June. Of that 43.2% were short sales, 33.6% traditional sales and 23.3% were REO/bank owned sales.
The median price of all sales in June in this category was $170,000. Median prices for traditional listings topped the charts at $219,950. Median for short sales was $151,000 and REO’s was $148,000. The average days on market for all lisitng types was 146 days. REO’s were on the market the least amount of time with an average of 85 days on market. Traditional sales averaged 109 days and short sales averaged 208 days.
Short sales have become very significant in our market. In June 2009 only 103 short sales closed, that is a 240% increase in the number of short sales that have closed this June over last June. Unfortunately the number of days on the market for short sales has not improved year over year – 204 days average last year compared to 208 days average this year. Although we would all like to see this improve, the complex nature of short sales may continue to keep these market times high.
Short sales are definitely a major part of our market. Working with an “experienced” short sale agent is key to the success of a transaction when either buying or selling a home today. Prospective buyers and sellers should ask their agent to show them how many transactions they have closed on either the buy or sell side of the transaction.
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The number of short sales closed in the Reno-Sparks area was just nine short of equaling the number of bank owned listings sold in the first quarter of 2010. According to data from the Northern Nevada Regional MLS, there were 449 short sales closed in the first quarter of 2010. There were 458 bank owned listings sold, 345 fair market sales and 141 categorized as “other” (typically Freddie Mac owned or HUD owned properties). If you combine the bank owned, short sales, and other categories you get a good picture of the distress market sales in our area, which during the first quarter of 2010 made up 75.2% of the market.
Buyers looking for a home in today’s market are forced to consider short sales as they account for 57.9% of the active listings. What is not surprising is the number of buyers waiting for short sale approval. There are currently 1,591 pending sales that are classified as short sales in the Reno-Sparks area, while only 764 are other sale types. So, in the pending category the number of short sales is 67.5% of pending sales.
Short sales still remain a long and sometimes frustrating process for both buyers and sellers. Many loan servicers are overwhelmed by the volume of offers they are processing which leads to long wait times for approvals or even for a response. Be sure that your agent is knowledgeable about the short sale process.
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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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Tuesday, August 31, 2010 By: Amy Thyr
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