Pending status homes in the last 24 hours = 500 at an average $420K and a median $329K. Current number of single family homes offered for sale = 3501. Compare this to Mar 11’s random pendings check at 459 for an average $399K with 3064 homes offered for sale and Feb 25’s random pendings check at 483 for an average $410K with 2932 homes for sale at the time. So in this moment, if these pendings close, we have a seven month supply of homes in our market.
These figures were pulled from the Northern Nevada MLS and do not include builder direct sales, for sale by owners or other private transfers. These are single family homes including condos, stick built and manufactured homes pulled from Area 100, the Reno-Sparks metro area. Active listings include actives, new, back on market, price raised and priced reduced. Pending classifications include pending no show, active pending call, active pending loan and active pending house. Pendings were pulled looking at a 24 hour period of time to provide a market snapshot of recent activity.
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So, lets see.
From February 25 to April 20, the invenory of listed houses (in this segment of the market) has gone from 2,932 to 3, 501. That’s an increase of 569 houses. In 54 days. So, that is an average increase of about 10-11 houses a day being added to the unsold inventory.
Pending sales have leaped from 483 to 500 in the same period of time. So the percentage of houses for sale in the MLS with an offer has dropped from 16.4% to 14.2%.
And the median is now down to $329k??
Yes, indeed, this is becoming more and more a buyer’s market. But with mounting inventory and falling prices, what suggests that a buyer ought to buy now? Are not the chances greater that prices will be lower, not higher, in about 5 or 6 months (after this Silent Spring and sellers realize the summer is slipping away) than they are today? Isn’t there a significant chance buying today would be buying into a falling market?
And thanks for the update.
Perhaps you might share your thoughts with us out here in blogdom about something. Like Somersett. You know, that “gorgeous master planned community” as realtors like to say. As of a few minutes ago, there were 61 houses listed in the MLS in Somersett. The price range is $319K to $1.795 million.
You know how many of those listings have a pending sale on them?
None.
Not even one.
What is your take on that?
Also, it appears that 18 out of the first 19 listings in Somersett are in the Del Webb Sierra Canyon development. Most of them have never been lived in. It’s going to be interesting to watch all these flippers compete with each other to snag a buyer. And, oh, Del Webb is still building up there, right?
Do you see any way that prices are not going to drop in these Sierra Canyon resales? I mean, I know they have granite counters and stainless steel appliances. But how long can the flippers carry the load of their interest only, nothing down, voodoo loans before they start to lower the price?
I found nine pendings in Somersett, only one of which was a Del Webb. Our MLS recently added a new Somersett category, and there is a trick to finding legacy Somersett listings in the two areas in which they were previously listed.
But yes, 61 actives sounds about right, and yes, there do seem to be a lot of speculators trying to sell/rent their Del Webb purchases.
Ok. Here we go again. So once again you are telling me that what I find on the MLS link on your website is not accurate? Please explain this to me. When I go to the MLS link and click on “Reno-Somersett” it shows 61 listings. And not a single pending. Please explain to me how to find the pendings in Somersett.
To get all the Somersett pendings in our MLS, I have to search by three areas (121,122,123) and require the HOA amenity of a clubhouse as part of the criteria. I don’t believe the website offers this level of detail.