The RSAR (Reno/Sparks Association of REALTORS®) has released November’s Market reports for Reno/Sparks as well as for Fernley. These reports can be accessed here:
Reno/Sparks Monthly Market Talk – November 2009
Fernley Monthly Market Talk – November 2009
Points from the Reno/Sparks Report:
- November 2009 had the highest number of recorded closings for a November. This is partially attributed to the expiration of the deadline on the First-time Homebuyers Tax Credit.
- November 2009 median price was down 3% to $175,000 compared to $180,000 in October 2009.
- The median home price is in line with the median household income in recent months for the first time since 2002.
- As of November 30th, there was 6.5 months of inventory based on the 30-day November sales rate. For the sixth consecutive month the Months Supply of Inventory has been balanced.
- 78% percent of November pendings are distressed (short sale and bank owned).
- Short Sale closings continue to increase as a percentage of the total market mix.
- The volume of short sales closings year over year has increased by 154% (November 2008 – 53 short sales, November 2009 – 130 short sales)
- The volume of bank-owned closings year over year has decreased by 12%. (November 2008 – 137 bank owned, November 2009 – 153 bank owned)
RSAR October market report