March saw a BIG spike in the number of home sales (resales) in Washoe County. March’s 706 sales represent a 31 percent increase over February’s sales. In fact, Washoe County has not seen a number this high since June last year – and recall that June 2010’s number was during the midst of the first-time homebuyer’s tax credit. There is no such tax-credit available now.
Re-fis continue to slide. New home sales in March represented less than 7 percent of total sales.
Click on the chart below to see all the numbers.
Chart provided by our friends at Ticor Title
Walter
Do these numbers include condos or just SFRs?
Thanks.
Guy Johnson
Walter, Ticor’s data includes all recorded property sales in Washoe County.
John
Guy
Any info on inventory levels?
Comeback Kid
I would expect new home resales to stay flat until we see prices going up. But it is encouraging, even if its just for 1 month, to see resales at this level. The next few months will tell whether its a bump in the road or a trend.
Eventually, more sales should convert to higher prices.
Guy Johnson
John,
Currently our MLS is showing 1,924 active, non-pending listings; and 1,561 pending listings (site/stickbuilt, MLS area #100 [Reno,Sparks]).
To add context, here are the recent numbers that I’ve reported in my “monthly medians” posts:
Month Active Pending
Mar 2011 1,906 1,497
Feb 2011 1,882 1,416
Jan 2011 1,970 1,329
Dec 2010 2,021 1,148
morton
“more sales should convert to higher prices”
or, with every sale the market drops a little bit more. the only way the market can decline is through sales. the median sales price in a market with zero sales would not decline, would it?
since this sales figure includes all those $28,000 condos being sold, what do you suppose is the median of these 706 sales? Maybe $140,000?
Comeback Kid
‘0the only way the market can decline is through sales’
Profound, Morton. Same with the only way it can increase right? I was referring to the higher the sales count goes each month, a) the more inventory moves out and b) with more activity there is more competition for purchases.
Now surely there is a tipping point when this happens, and most probably we’re not there yet. But if sales continue to increase, we could easily get there. That was my point.