RSAR Monthly Market reports – September 2010

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

• Click here for September 2010’s Reno Monthly Market Report
• Click here for September 2010’s Fernley Monthly Market Report

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^®.