Reno-Sparks homes and real estate report is your insight into the housing market, sales, listings, bank owned and short sales statistics.
Summary
In July, we experienced an anticipated letdown in the number of existing home sales following the five year record set in June which was driven by the deadline to close sales qualifying for the $8000 tax credit by June 30. The July numbers for new pending sales remain strong; an important leading indicator for the coming months that indicate continued demand for resale homes. Pending sales taken together with the rise in the July 2010 median sales price over June 2010 and a slight increase in the median price year-over-year and July marks the continuation of some welcome positive indicators. In the context of less favorable general economic conditions we remain cautious. We will closely monitor these numbers to hopefully see a continued trend in the leveling of median sales costs.
Reno-Sparks Homes Median Sales Price
- July 2010 median price was up 6% to $180,000 compared to $170,000 in June 2010, and equal to the median price in 2009.
- The median sales price has remained relatively stable for the past fourteen months.
- Median price is defined as the mid-point, half of the sales for the time frame are below and half are above.
Reno-Sparks Homes Sold
July ended the month with 406 sold transactions down 32% from the prior month.
Sales were down 21% over the same period last year.
Reno-Sparks Homes Average Days on Market
- The average days on market decreased by 12% from the prior month to 128 days.
Sold-to-asking-price Ratio
- July reported sales received an average of 98.1% of the seller’s asking price.
Conclusion
- July median is holding year over year. The median price has remained stable for the past fourteen months.
- As expected, unit sales level was down from the prior month. This softening of the market or what could be described as the “Post Tax Credit Blue” was anticipated as buyers adjust to a non-government incentives.
Reno-Sparks New Listings
- 790 new listings were taken in July compared to 804 in June, a 2% decrease.
- New single family listings for the month of July remain at a two year high.
- The percentage of “Distressed” new lisitngs was up 2% from June. 60% of new July listings were distressed, 259 short sales, 204 bank owned/other.
- Note: Beginning with the January 2010 report, properties reported as “other” which includes “Freddie Mac’s and HUD’s” are included with Bank Owned REO properties.
Status of Pending
- Active Pening, short sales represents 63% of the total active pendings; active pending loan equals 18%; pending no-show represents 14% , active pending call 5%; and active pending house less thank 1%.
Absorption Months Supply of Inventory (Unsold Inventory divided by Sales per Month)
- As of July 31, there was 8.6 months of inventory based on the July sales rate.
- The National Association of REALTORS® describes a b alanced market as between 5 and 7 months supply.
- Unsold inventory includes active pending. This method of reporting months supply of inventory follows the industry standard of including all pending sales in the active inventory.
- With inventory up and sales down, absorpton bumped up to 8.6 months supply of homes, the highest level since March 2009.
To read the full 14 page report complete with graphs and 5 year history .
Reno-Sparks Homes and Real Estate Report June 2010
