The Reno/Sparks Association of REALTORS® has just released their June and 2nd Quarter Market Report.  This is a thorough market analysis containing very good charts.  Be sure to check out the Median Home Price History chart and the Historical Market Absorption chart.

Of note from the report: “As of June 30, 2009, there was 6.3 months of inventory [in Reno and Sparks, NV] based on the 30-day June sales rate. This is the first time since October 2005 the Month’s Supply of Inventory (MSI) is in the range which the National Association of REALTORS® defines as a balanced market.”

Click on the chart to open the report.

In March, prices changed little as unit sales again rose. Months’ supply of inventory decreased in every category except over $1 million, which jumped from four years to five. Waiting for the higher-end market to capitulate is like waiting for Godot.

March 2009 Sales

Current Pendings

We had 395 total sales in March 2009 versus 264 in March 2008, an increase in activity of nearly 33%. For the extra curious, 42 of last month’s sales were under $100K out of 510 listed. Last report.

Data courtesy of NNRMLS, March 2009. Includes Stick-Built Single Family, Condo/Townhomes, and Real Property Manufactured Housing in Reno-Sparks (Area 100).

In February, prices were down again in every range, while unit sales increased from January and year-over-year. In comparing this month’s chart with last month’s, it appears as though some of the above $200K inventory shifted down into the under $200K range as the low end continues to sell with increased activity. Meanwhile, inflated inventory levels in the over $400K range persisted, especially for homes over $1 million, despite a slight uptick in absorption. As always, the higher-end market still has yet to capitulate.

February 2009 Sales

Current Pendings

We had 317 total sales in February 2009 versus 186 in February 2008, an increase in activity of nearly 41%.

Sales in November 2008 were up 16% from the year prior. The under $300K saw its average price drop to a new low of $184,241. Activity in the $300K-500K range held steady on nearly all fronts. The $500K-1 million category faltered with 50% fewer sales and now features five full years of inventory. The $1-2 million range perked up a bit, dropping to 32 months of inventory. The $2 million plus range had no sales again this month. Together these two price ranges represent 40 months of inventory. Pendings dropped again, normal for this time of year, and nearly half of those were offered for under $200K. Properties under $200K continue to sell through with an average price of $141,623. Looks like I’ll have to restructure my price band reporting after the first of the year to better reflect current pricing conditions. Full report.

Data courtesy of NNRMLS, November 2008. Report includes Stick-Built Single Family, Condo/Townhomes, and Real Property Manufactured Housing in Reno-Sparks (Area 100).

Sales in October 2008 were up 26% from the year prior. The under $300K range continued to perform, again dipping below the $200K average price point for the second time this year to $193,644. Activity in the $300K-500K category dropped off some, increasing to 14 months’ supply of inventory. The $500K-1 million category faltered significantly with almost 40% lower absorption rates. The $1-2 million range continues to barely move and is now up to six years of inventory. The $2 million plus range had no sales this month. Together these last two price ranges represent 7.5 years of inventory. Pendings dropped again, normal for this time of year, but more than half of them are short sales. Meanwhile, sales of properties under $200K are moving at four times the number sold last year, with an average price of $146,731. Full report.

Data courtesy of NNRMLS, October 2008. Report includes Stick-Built Single Family, Condo/Townhomes, and Real Property Manufactured Housing in Reno-Sparks (Area 100).

Sales in September 2008 were up 2% from the year prior. The under $300K range gained some ground as inventory dropped to 9 months’ supply, and the $300K-500K range held steady at 12 months’ supply. The $500K-1 million category improved somewhat with higher absorption rates, reduced inventory and fewer days on the market. The $1-2 million range continues to crawl along with over four-and-a-half years of inventory. The $2 million plus range actually saw two sales this month. Pendings dropped slightly, normal at this time of year. Meanwhile, sales of properties under $200K continue to sell at more than double the number sold last year, at an average price of $158,267. Full report.

Data courtesy of NNRMLS, September 2008. Report includes Stick-Built Single Family, Condo/Townhomes, and Real Property Manufactured Housing in Reno-Sparks (Area 100).

From my monthly median sold price table we know that Reno-Sparks home prices are now more then 30% off their peak reached in July 2005.  But this number is for all Reno and Sparks.  What are the declines by MLS area?  And did every area peak at the same time?  These are questions I was curious about, so I pulled the data and found the following results (see table below).

Depending on the area, sold prices peaked in June, July or August of 2005.  This was expected.  However, the percent today that these areas are off their peaks is much more variable.  For example, MLS area 163 (“Southwest”) has experienced the smallest decline; only 19.4%.  Followed by area 142 (“Hidden Valley”) with a mere 22.2% fall.

Which areas have been hit the hardest?  The “Old South Suburban” area (MLS area 164) has suffered a 46.3% drop in prices; and “Donner Springs” (MLS area 141) has fallen 42.6%.

Here a link to the MLS Area map as provided by the Northern Nevada Regional MLS.

Sales in August 2008 were down 7% from the year prior. The under $300K range lost some ground as inventory crept up to 10 months’ supply, and the $300K-500K range also crept upward to 12 months’ supply. The $500K-1 million category crawled along as always, this time with a noticeable drop in average price, accompanied by longer days on the market. The $1-2 million range continues to sell at a snail’s pace, though better this time with a whopping five-sale month, yet inventory remains high at 48 months. The $2 million plus range saw no activity again this month. Pendings rose again, most notably in the under $300K range, as did short sale pendings. Meanwhile, sales of properties under $200K more than doubled compared to the number sold last year. Full report.

Data courtesy of NNRMLS, August 2008. Report includes Stick-Built Single Family, Condo/Townhomes, and Real Property Manufactured Housing in Reno-Sparks (Area 100).

Leslie Henderson is a Realtor in our office who specializes in short sales and foreclosures. These are difficult transactions with lots of gotchas that frequently fail to close, but Leslie has a few tricks up her sleeve to help you succeed in stormy seas. This eight-minute interview offers a street-level view of what’s happening in the Reno-Sparks market today, and I even learned a few new things in the short time we spent together. Okay, yeah, maybe this sounds a bit like a commercial… but Leslie’s really good at this stuff, so call her today if you like what you see: 877 963 4263.