The Reno/Sparks Association of REALTORS® has published the Market Reports for April 2011. April’s reports were delayed a bit because design changes were made to some of the charts and graphs. In particular, check out the newly re-designed Detailed Market report.
These .pdf reports may be accessed here:
- Reno/Sparks Standard Report April 2011
- Reno/Sparks Detailed Report April 2011
- Fernley Standard Market Report April 2011
From the Reno/Sparks Market Report…
Summary:
- “We are continuing to see settling in the median price,” said Sherrie Cartinella, 2011 president of Reno/Sparks Association of REALTORS and a REALTOR with Coldwell Banker Select Real Estate. “The news is the affordability door is open to buyers. This means that a two income household, earning approximately $10 per hour each, can now afford the median priced home in the Reno/Sparks area.”
Median Sales Price
- April 2011 median price was down 3.1% to $155,000 compared to $160,000 in March 2011.
- The median sales price continues to settle from the prior month.
- For the past eight consecutive months median price has been lower than the prior year-over-year median.
Price per Square Foot
- Like the median home price, price per square foot continues to settle, although compared to the prior 36 months, it has remained relatively stable for the past twenty-two months. The current median price per square foot decreased in April to $93.00.
Number of Units Sold
- This April’s unit sales of 422 single family homes are the fifth best April in the history of sales reported through the MLS. Statistical records date back to 1989.
- The three prior months of April that had higher records sales were April 2003 (479 units sold), April 2004 (530 units sold) and April 2005 (558 units sold), all during the real estate boom.
- April ended the month with 422 sold transactions, down 17.4% from the prior month.
- Sales were down 17.3% from the same period last year, which was artificially influenced by the $8,000 First Time Home Buyer tax credit.
Average Days on Market
- The average days on market are 137 days, up 3.7% from March 2011.
New Listings
- 779 new listings were taken in April compared to 717 in March, an 8.6% increase.
Reports reprinted with permission by the Reno/Sparks Association of REALTORS®.
EABO
Continue to “settle”! Would it be so hard to say that the median price and price per square foot continue to “fall”? Like going down and not just snuggling in to get comfortable?
E.Edward
Hey,
Just wanted to check-in with all those “housing has bottomed” geniuses that bought about a year ago……..Hows that work-en-out? hee,hee,
aah its all in good fun….Not to fret, when these interest rates go up the real catalyst is gonna shift into high gear and you’ll have plenty more company!
Sully
“The news is the affordability door is open to buyers. This means that a two income household, earning approximately $10 per hour each, can now afford the median priced home in the Reno/Sparks area.”
So I guess that means a two income household making minimum wage (7.50) can just as easily afford a bit under median price. hmmmm sounds like the more things change the more they’re the same. 🙂
billddrummer
“Afford” is an interesting concept. While the aforementioned couple may be able to “afford” the payment, can they “afford” to fix something that breaks?
Or can they “afford” to take a vacation, go to a baseball game, out to dinner somewhere with tablecloths and cloth napkins?
Or would they be tethered to their new home?
Just because the bank will loan you the money doesn’t mean that taking the loan is a good idea.
I submit that the self-same couple would have a better quality of life if they rented, at least until they got raises.
Zen
Bill, you took the words right out of my mouth. In fact, in my opinion, you should be able to “afford” that new house using only one of the incomes of the couple. People loose jobs, get hurt, get divorced, need to relocate, or decide life is better with one person at home. I say leave yourself some options. Buy far less than you can “afford” according to the bank, and life will be a lot more stress free.
Steve Herschbach
I bought a year ago but luckily not being a genius I was under no illusion that the market had bottomed. As I sit in the front yard typing this I am still happy with the purchase. I have seen nothing since I would have liked better for less.
Gotta say people sure are nice in Reno.
billddrummer
Steve,
Glad you are happy with your purchase.
Fence sitter
Steve,
Welcome to the neighborhood. I figured out where you bought via county site and you ARE in the best, nicest, recession proof (um, the people, that is) neighborhood. I am very happy that you are happy with our unique area and for continuing to prop up the Newlands values. PS. tell your friends in Alaska about us….I have a home to sell a few blocks away…
Steve Herschbach
Ha! Bill, thank you. Fencesitter, I am telling people up north how much I like the area (not Newlands) and think I have made a sale or two.
Tim
Just bought in Callahan Ranch. Would like to echo Steve’s comments. Yeah, prices could drop another 10-15%, but I’m here for the long haul. It’s not really a concern to me right now. $100/sqft with living room views of Mt Rose and Slide Mountain on one acre is a good deal to me, regardless of how the market is doing.
Meanwhile, I hope to hear more about Mike’s mystery property on Cedarwood. Will ask a few neighbors and see if I can come up with some dirt….
billddrummer
Steve,
You’re welcome.
Tim,
Callahan Ranch was envisioned as a pristine enclave. I am happy you were able to partake of its unique beauty. I have some personal experience with an individual who purchased a lot near the peak of the market, only to find that his ‘investment’ dropped in value by 75%.
He’s on the hot seat.
Cedarwood might be a dandy place to rent, after the repairs are completed.
I’ll keep watching it. That’s a nice view.
Martin
Off topic, but the Nevada Legislature goes out of session in a few hours and I notice that there has not been even one comment in the past 12o days about the Legislature. Quite a difference from two years ago when there were some flame wars on the blog about the budget, the funding of UNR, the funding of schools, taxes, etc.
I think there is a huge sense of resignation now. Resignation about the budget crisis, resignation about the still declining housing market, resignation about the Great Recession, resignation about unemployment, resignation about elected officials who bicker and get nothing done.
It is rare now for a thread on the RRB to get more than 15 comments. And all the great commenters who made the blog a great source commentary and discussion hardly ever say anything anymore.