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.

Sales in July 2008 were actually up 9% from the year prior. Activity in the under $300K range improved again as inventory held steady at nine months’ supply, despite a 7% increase in homes available for sale. The $300K-500K range held at 11 months of inventory, aided by a 9% decrease in homes for sale in that price range. My theory is that a significant number of homes in this category dropped into the under $300K range in an effort to sell them before summer ends. The $500K-1 million category crawled along much like last month and still favors the buyer with well over two years of inventory. The $1-2 million range continues to choke with another three-sale month, inventory holding at 78 months and a significant drop in average price. The $2 million plus range saw no activity this month. Pendings are up again, especially in the under $300K range, as are short sale pendings. Also interesting to note was the 20% increase in withdrawals from the MLS this month. Full report.

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

Sales in June 2008 were actually up 2% from the year prior. Activity in the under $300K range improved again as it worked its way down to nine months of inventory. The $300K-500K range gained some ground, declining to 11 months of inventory from 15. The $500K-1 million category crept along much like last month and still favors the buyer with well over two years of inventory. The $1-2 million range choked with only three sales and an increase in inventory to 78 months, while the $2 million plus range had a burst of activity with three closings. Full report.

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

Calls, showings and open escrows seem to be way up in our office these last two months. Something JoAnn said to me about the popularity of her lower end listings, plus what I’ve been seeing the numbers lately prompted me to take a look at neighborhoods around town by different price bands to better understand what’s selling and where. Here’s what I found:

A few notes: Northwest included MLS areas 120,121, 122, 124 (roughly north of I-80 from the University to Verdi). Southwest included MLS areas 123, 160, 161, 163, 164, 165, 171 (roughly I-80 south to St James Village and west of 395 to Belli Ranch). North Valleys included MLS areas 119, 130, 131, 132, 133, 134, 135, 136, 137, 138 (roughly north of McCarran up 395 including Sun Valley, Cold Springs and up to Rancho Haven). Sparks included MLS areas 180, 181, 182, 183, 184, 185, 186, 187 (roughly all of Sparks from I-80 north to Palomino Valley and east to Patrick). Southeast included MLS areas 115, 140, 141, 142, 143, 173, 174, 176 (roughly I-80 south and east of 395 to Pleasant Valley including the Virginia Highlands). Number listed represents number of new listings entered between January 1, 2008 and June 22, 2008. Number sold represents closings within that same time period. Average sold price is for homes actually sold during that period, while DOM equals days on the market for homes that actually sold during the same period. Sale to list price ratio represents last list price offered and does not account for prior price reductions. Still active is just that… homes still offered for sale on the MLS in each price category/neighborhood as of June 22, 2008.

What’s most interesting to me is to see the distribution of activity given the price points in the various neighborhoods. While in most areas the majority of activity is in the under $300K price range, in the Southwest it’s $300K plus. It’s also interesting to note which areas are beating down inventory levels and which areas are not. Just a little reminder that there’s opportunity in every market, good, bad or ugly.

Sales in May 2008 were off 24% from the year prior, again. Activity in the under $300K range held steady with 10 months of inventory and a significant jump in pendings from 490 to 570 (237 of which are short sales). The $300K-500K range lost a bit of ground, bumping up to 15 months of inventory from 12. The $500K-1 million category experienced an uptick in average price along with fewer days on the market, but still favors the buyer with well over two years of inventory. The $1-2 million perked up with a higher average price and a decrease in inventory to 22 months, while the $2 million plus range had no activity at all (except for four pendings). Full report.

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

Sales in April 2008 were off 24% from the year prior, but activity in the low end continues to improve. The under $300K range decreased to 12 months of inventory with another big jump in pendings from 370 to 490. The $300K-500K range came down to just over 12 months of inventory showing improved activity once again. The $500K-1 million category had a slight uptick in activity but still favors the buyer with well over two years of inventory. Over $1 million is slow, with 4-5 years of inventory. If you’ve been waiting for the bottom in the low end, this may be it, as current pendings, sales and activity will probably result in a further reduction of inventory next month. Full report.

…Because all the great conversation is happening in Mikey’s last post. Scroll down and check it out… It’s one of the best, most informative comment threads I’ve ever seen on this blog, including lots of new faces never before seen. Sure, I’ve got a ton of poignant, economic fallout posts courtesy of voracious reader, Reno Ignoramus, which I promise to post soon. But it’s late, I’m tired, and thank goodness the earthquakes have lessened in intensity and frequency. I think we’re on the downtrend there. For all you Somersett people sleeping with friends in Sparks… it might actually be safe to come home.