Reno/Sparks Homes and Real Estate Report January 2012 | Sandra ...

January 2012 homes sales was the highest January sales number in history!

Reno/Sparks Homes Median Sales Price

• January 2012 median price was down 12.9% to $135,000 compared to $155,000 in December 2011 and down 14% from the January 2011
• Median price is defined as the mid-point, where, for the time period identified, the price for one-half of the sales are higher and one-half are lower.

Reno/Sparks Price per Square Foot Solds

• Price per square foot is at $84.86.

Reno/Sparks Number of Homes Sold

• January ended the month with 436 sold transactions, down 17.1% from the prior month.
• Sales are up 19.5% from the same period last year.
• January reported home sales are the highest in history.? January 2012 sales are up 15% from January 2004 homes sales which was the second highest reported home sales in history and also at the peak of the market.

Reno/Sparks Average Days on Market

• The averagae days on market are 145 days, down 2.3% from December 2011.

Reno/Sparks Day on Market (DOM) by Special Conditions

• Short sales continue to influence the average days on market at 206 DOM.
• Properties with no special conditions 117 DOM and Other had 118 DOM.
• REO properties average days on market remain stable at 106.

Reno/Sparks New Listings

• 578 new listings were taken in January compared to 428 in December, a 35% increase and a 19% decrease from January 2010

Distressed New Listings by Special Conditions

• 65% of new January listings were distressed, 41% (238) Short Sales; 24% (139) REO; No special conditions 33% (191) and Other less than 2% (9).

Status of Pending

• Active Pending ? Short Sales represent 60.4% of the total active pendings; Active Pending Loan equals 17.4%; Pending No show presents 17.1%; Active Pending call 5.0%; and Active Pending House less than 1%.

Reno/Sparks Homes Supply of Inventory

• As of January 31, there was 5.9 months of unsold inventory based on the January sales rate
• The National Association of REALTORS? describes a balanced market as between 5 and 7 months supply.

Conclusion

• Washoe County reported an 11.9% unemployment rate for December.? Despite the unemployment rates, the high volume of sales reported this year shows that qualified buyers and investors are taking advantage of affordable prices and record low interest rates.
• Interest rates reached another new low of 3.92% in January.
• Home sales continue at historic levels into the new year.? January 2012 homes sales at 436 are the highest home sales for a January in history.? This number outpaces January 2011 sales by 19.5% and is down 17.7% from December.? The month-over-month drop in sales follows the trend of a drop in sales after the year end increase as buyers and investors rush to close before year end, often for tax purposes.
• January?s median price of $135,000 was down 12.9% from December.? The decline occurred after nine months of relative stability.? Sales at under $200,000 represented 76% of the total sales for the month.? With the majority of sales at the lower end of the market, it?s easy to understand why median price remains at the lower end of the market.
• The decline in new listings can be attributed to the legislaton that went into effect in October 2011 requiring more stringent processes by banks as part of the foreclosure process.

Report courtesy of Reno/Sparks Association of REALTORS? with data sources from Northern Nevada Regional MLS (NNRMLS)

To read the complete Reno/Sparks Reno Sparks Market Report January 2012?with graphs, charts and 5 year history.

To read December 2011 report ?and previous months and years.

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