Reno/Sparks Market Report

sold and pending homes in reno sparks

Currently there are 981 sales pending in the market overall, leaving 1324 listings still for sale. The resulting pending ratio is 42.6% (981 divided by 2,305).

So you might be asking yourself, that’s great… but what exactly does it mean? I’m glad you asked!
The pending ratio indicates the supply & demand of the market. Specifically, a high ratio means that listings are in
demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the
existing supply.

Taking a closer look, we notice that the $200K – $300K price range has a relatively large number of contracts pending sale.

We also notice that the $200K – $300K price range has a relatively large inventory of properties for sale at 363 listings.

The average list price (or asking price) for all properties in this market is $586,079.
A total of 3252 contracts have closed in the last 6 months with an average
sold price of $290,184. Breaking it down, we notice that the $200K –
$300K price range contains the highest number of sold listings.
Alternatively, a total of 689 listings have failed to sell in that same period
of time. Listings may fail to sell for many reasons such as being priced
too high, having been inadequately marketed, the property was in poor
condition, or perhaps the owner had second thoughts about selling at this
particular time. The $200K – $300K price range has the highest number of
off-market listings at 215 properties.

 

Reno_and_Sparks Market Report

Listing prices for Reno homes surge nearly 30%

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According to Realtor.com’s latest Monthly Housing Summary the list prices for homes across the country increased 7.57 percent year-over-year in October. Of the 146 markets tracked by Realtor.com 85 percent reported year-over-year increases — with many showing gains of 20 percent or more; and even a few with increases of 30 to 40+ percent.

Reno, Nevada ranked 4th nationwide amongst housing markets with the largest increase in list price. Reno’s median list price increased 29.29 percent year-over-year.

The Realtor.com report also showed Reno’s median list price for October was $258,577. To compare these numbers to actual sold homes in October, Reno’s median sales price was $215,000, for a year-over-year increase of 19.4 percent.

What other markets showed the largest gains in list prices? Here are the top-ten…

Search Ranking Area / Region Median List Prices Total Listings Median Age of Inventory
United States $199,000 7.57% -0.25% 1,905,064 -1.51% -0.71% 94 -11.32% 1.08%
RANK City $ YY MM # YY MM # YY MM
1 Detroit, MI $129,900 44.33% -2.33% 16,509 -15.00% 2.48% 52 -18.75% 8.33%
2 Stockton-Lodi, CA $245,000 40.80% 2.13% 1,385 21.92% -7.17% 48 37.14% 6.67%
3 Santa Barbara-Santa Maria-Lompoc, CA $799,000 33.39% 1.65% 1,103 -25.22% -6.68% 73 -21.51% 4.29%
4 Reno, NV $258,577 29.29% -0.26% 2,636 -13.43% 0.00% 77 -26.67% 1.32%
5 Melbourne-Titusville-Palm Bay, FL $165,990 27.78% 0.60% 3,769 -31.24% 3.01% 68 -32.00% 6.25%
6 Fresno, CA $229,900 24.34% 2.18% 2,655 15.38% -2.53% 59 5.36% 5.36%
7 Las Vegas, NV-AZ(NV) $164,999 24.33% -2.88% 18,723 -12.78% 1.90% 80 -16.67% 5.26%
8 Oakland, CA $475,000 24.27% -1.03% 3,796 26.66% -0.68% 30 11.11% 7.14%
9 Phoenix-Mesa, AZ $237,900 22.00% 1.23% 19,751 14.38% 12.86% 50 0.00% 0.00%
10 San Diego, CA $449,900 21.92% -0.02% 8,890 -8.72% 0.32% 57 -17.39% 3.64%

September, 2013 Market Report Area 100, Greater Reno/Sparks

September, 2013 Market Report Area 100, Greater Reno/Sparks

Here is the latest information on the Reno/Sparks Housing Market.

  • Days on Market (DOM) by Special Conditions

– Short sale properties had an average days on market of 232.
– Properties with no special conditions had an average days on market of 72.
– REO Properties had an average days on market of 90.

  •  New Listings

– September, 2013 new listings was down -20.1% to 583 compared to 730 in August,
2013 and up 5.0% compared to 555 in September 2012.
– Properties listed at under $250,000 made up 56% of new listings entering the
market during the month of September, 2013.
– 22% of new September, 2013 listings were distressed. Short sales 17%; REO 3%;
No special conditions 78%; and Other 2%.

  •  Distressed New Listings History

– The allocation of new listings by special conditions increased, representing 19% of
the market in September 2013, down from 19% in August 2013, and 47% in
September 2012.

  •  Status of Pending

– Active/Pending-Short Sale represent 39.6% of the total active pendings;
Active/Pending-Loan equals 23.3%; Pending-No Show represents 25.4%;
Active/Pending-Call 9.4%; and Active/Pending-House 2.3%.

  •  Current Months Supply of Inventory (Unsold Inventory over Sales per Month)

– At the end of September, 2013, there was 4.0 months of unsold inventory based on
the monthly sales rate.

SPARKS, 75 QUIVERA LANE | Dominic Gentile, Realtor® | Condos to Castles. We are the first step in reaching your dreams.

SPARKS, 75 QUIVERA LANE | Dominic Gentile, Realtor® | Condos to Castles. We are the first step in reaching your dreams..

 

This well situated, grand one story country style home takes advantage of maximum light and unobstructed views.  Paved road from Quivera to the home…  This is not common in this area of town.   From its high vantage point, You’ll see sparkling Sparks lights in the evening, a panorama of the valley , beautiful surrounding homes, our changing seasons, and the occasional rain. On over 37 acres, at least 34 acres are undeveloped flat land surrounding the home, perfect for developing horse property.

 

The home is designed to accommodate the large family and has entertained over 90 people comfortably! Each bedroom has its own bathroom, the massive living area has a focal point of a floor to ceiling natural stone fireplace which is wood burning, also there is a pellet stove with a blower. The heart of the home is it’s kitchen which is open, featuring a 48 inch, 6 burner 2 oven WOLF range.  With many areas to seat people, especially the huge “nook” which is 14 X 26 and counts as part of the square footage. You’ll notice the more than ample counter space.  There is a cultivated 7800 sf yard that has an uncovered patio and is surrounded by a picket fence. There are 2 garages, the dimensions are extra deep 28 X 38. The home has a fire sprinkler system that protects the home home.  The RV garage has 2 bays and is 14″ high with 12″ high doors.  The assessment covers the costs of a 17 mile asphalt road which leads right to the home. The current owners are motivated to downsize and will leave this home with many happy memories of entertaining their large family.  If you have horses there is not a better property in the area for you to ride.   Grab your appetite for open land and come on up and view this amazing piece of heaven.

WANTED!!!

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I need your help!!!  Homes needed for these signs.  If you know of a home or condo that is in need for a FOR SALE sign let me know ASAP.

No home should go without one in this market.   Please give me a call if you see a home that is in need.   The only way to get your home sold is with a HARCOURTS FOR SALE SIGN!!!

Dont waste anymore time.  The longer you wait let longer your HOME will go without making you happy.   Just think if you sold your home Today your home would make you some serious cash.

DON’T WASTE ANOTHER DAY LETTING YOUR HOME FAIL BETWEEN THE CRACKS.

FOR URGENT RESULTS CONTACT.

DOMINIC GENTILE

775-749-8811

DOMINIC.GENTILE@HARCOURTSNV.COM

What IRS recognition of gay marriage in every state means for real estate

What IRS recognition of gay marriage in every state means for real estate

Same-sex spouses who own a home and have a mortgage together will be able to claim the home mortgage interest deduction jointly on their joint tax return, like any other married couple