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:
Sales
- 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.
Median price
- 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.
Inventory
- 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.
Pendings
- 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)
Related posts:
RSAR October market report
Almost 80% of all sales still produce no move up buyer. Add to that probably another 5% at least of so-called “equity sales” where there is no equity. That to me is FAR more telling of the future of the housing market that the median sales price.
I agree with you Martin. The realtors are spinning the hell out of the increased closings, but they mutter not a word about the fact that probably 85% of those closings generate no seller who is going to turn into a buyer on another house.
This continues to be a MAJOR factor impacting the state of the market. The result of this is a continued moribund market above $300K.
Too many distressed properties… Proving that this crisis really made some damages in Reno
Dec 09 RSAR also now on the streets.
http://rsar.net/uploaded/documents/RSAR%20Dec4Q2009MonthlyMarketReport.pdf
Sales down sequentially quarter to quarter, but up big year over year.
Distressed sales increased to 74% of total sales in December (from 69% in Nov). Also mentioned is the fact that 87% of Dec pendings are distressed.
So, there are no move up buyers in sight. Sorry, I see no good news on the horizon. Need to be pretty brave (or ignorant) to buy in this environment.