RSAR Monthly Market reports – September 2010

The Reno/Sparks Association of REALTORS® Monthly Market reports for September have been released.

Summary from the Reno report…

  • “On a month-over-month and quarter-over-quarter basis, we are continuing to see leveling of median sales prices,” said Ken Amundson, 2010 president of the Reno/Sparks Association of REALTORS and managing broker of First Choice Realty 500. “Although we would still like to see this leveling on a year-over-year basis as well, these numbers are a positive sign for our existing home sales market.”

 

Median Sales Price

  • September 2010 median price was down 5.7% to $169,700 compared to $180,000 in August 2010.
  • The median sales price has remained relatively stable for the past sixteen months.
  • The median price for the past three quarters has remained within a range of $174,000 – $175,000.

 

Number of Units Sold

  • September ended the month with 448 sold transactions, up less than 1% from the prior month.
  • Sales were down 13.8% over the same period last year.

 

Average Days on Market

  • The average days on market is 133 days, up slightly from August 2010.

 

Sold-to-asking-price Ratio

  • September reported sales received an average of 97.6% of the seller’s final asking price.

 

New Listings

  • 652 new listings were taken in September compared to 749 in August, a 13% decrease.
  • The percentage of “Distressed” new listings remained level month over month. 61% of new September listings were distressed – 220 Short Sales, 130 Bank Owned/Other.

 

Status of Pending

  • Active Pending Short Sales represents 61% of the total active pendings; Active Pending Loan equals 18%; Pending No-show is 16%; Active Pending call 4.5%; and Active Pending House less than 1%.

 

Absorption Months Supply of Inventory (Unsold Inventory ÷ Sales per Month)

  • As of September 30, there was 7.5 months of inventory based on the September sales rate.
  • The National Association of REALTORS® describes a balanced market as 5 to 7 months supply.

 

Conclusion

  • This Fall we continue to adjust back to a non-incentivized homebuying world with some softening in the closed sales.
  • September’s market mix of distressed and non-distressed homes available for sale, along with the size of the inventory, remains virtually unchanged from July and August.
  • For the Reno market absorption numbers to get back to the stable 5 – 7 months of inventory, homes available for sale numbers have to decline if the closed sales volume doesn’t keep up.
  • Results of upcoming elections could have an affect the housing market.

 

Reprinted with permission by the Reno/Sparks Association of REALTORS®.

 

4 comments

  1. Harvey

    Old Amundson has a tough job, trying to put lipstick on a pig.

    Median sales prices are nose diving as we speak, and he has to come up with some kinda cheerful thing to say about it. And, OBTW, is Smarten and Amundson the same guy?

  2. E.Edward

    Good to see home prices correcting downward towards affordable levels…………….When Interest rates do come up, that will really bring prices in line with wages.

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