RSAR came out with the June real estate market stats for Reno/Sparks.
Below is an overview of the major points with the full report available by clicking on the picture to the right.
- The median sales price rose 1.6% to $222,000. That’s up 30.6% from June 2012
- Solds ended at 503 which was down 5.5% from May 2013 and down 2.5% from June 2012
- There were 717 new listings. Down 5.8% from the previous month and up 7.2% from June 2012. 76% of these were regular sales which are good for everyone.
- Month’s supply of inventory went up to 3.9 months. Still in a strong seller’s market.
NAR sent out a new list of the top 10 areas where prices are rising the most.
Reno came in at #9 (+24.3% YoY). What’s somewhat humorous about the list is all of these areas were known as top rated foreclosure areas. It seems the over correction in pricing wasn’t just in Reno.
The article and stats can be read through the link below.
Where Asking Prices Are Rising The Most
The Reno/Sparks Association of Realtor
I hesitated in writing this post because I’m quoted in the RGJ article (read through links below) and didn’t want to toot my own horn. I though better of it because this is the heart of what’s happening in the Reno/Sparks Real Estate market.
Simple Math: A + B = C
Reno/Sparks Home Prices Rise 20% + Low Appraisals Stall Purchases = C(ash)
Rising home prices hit with low appraisals creates a cash market. Either the whole purchase is cash or the buyer may have to pony up cash for the difference between the appraisal and contract value.
Sellers know it’s happening and buyers need to be prepared. If the buyer can’t cover the difference, in cash, then the seller may put it back on the market to find someone who can.
If you’re looking to cash in on a good seller’s market or are a buyer needing helping navigating contact Broker Kristopher Kent at (775) 393-9560 or Kristopher.Kent@RenownRes.com
DSNews.com came out with a story yesterday about the top CBSAs. The article can be viewed here.
The article stats that the typical sale to list price ratio is between 92%-98%. The top markets are now seeing homes selling above that threshold and even above list. Reno came in at #4 in the country for markets with high sale to list price ratios.
So how high is the ratio? We’ll use our more recent full months of stats, April 2013.
- Homes under $500,000 sold for 99.83% of the list price.
- Homes under $250,000 sold for 100.59% of the list price.
- Homes under $150,000 sold for 101.09% of the list price.
- Homes under $100,000 sold for 102.08% of the list price.
What this data means is buyers need to have their game faces on when putting in an offer while sellers can expect multiple offers if their home is priced right.
For more information on selling or buying a home in Reno or Sparks contact Broker Kristopher Kent at (775) 393-9560 or Kristopher.Kent@RenownRes.com
Just listed! Regular sale in Fernley, NV.
Built in 2004 with newer laminate flooring installed. RV access to the side and backyard includes a large storage shed. Additional concrete slabs in driveway for more room.
Both front and back yard are limited maintenance for ease of living.
The kitchen flows to the living room which boasts a ceiling fan and gas fireplace for comfort. The master has an additional walk out to the backyard and the two additional bedrooms are hidden away from the living room for those quiet times.
For more information contact Broker Kristopher Kent at (775) 393-9560 and Kristopher.Kent@RenownRes.com and watch the video below.
The Reno/Sparks Association of Realtor
Ticor Title sent out the updated historical foreclosure stats up to April 2013.
You can view the graph by clicking the picture to the right.
Below is an overview:
- NODs (Notice of Default) inched up to 287
- NOSs (Notices of Sale) were down a bit but still higher than the past 9 months
- TDs (Trustee’s Deeds) stayed about average for the past few months.
- New REO listings went up a few
Overall, pretty expected numbers. The NODs continue to stay in the 200’s so the banks are going ahead and beginning foreclosure before
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