RSAR Monthly Market Reports – April 2012

April’s market reports, provided by our friends at the Reno/Sparks Association of REALTORS^®, have been released. April’s reports can be accessed with these links:

• Greater Reno/Sparks Market Report – April 2012
• Fernley Market Report – April 2012

Commentary from the Reno/Sparks Market Report…

Summary
“April 2012 sales are the fourth highest in the history of MLS and were only exceeded by the boom years in 2004 and 2005, as well as April 2010, which was influenced by the first time homebuyers tax credit,” said Kevin Sigstad, 2012 president of the Reno/Sparks Association of REALTORS and the broker with Re/Max Premier Properties. “Another trend to note is that for the third straight month, median price has increased, returning to mid-2011 levels.”

Median Sales Price

• April 2012 median price was up 1.7% to $152,500 compared to $149,000 in March 2012 and down
  2.3% from the April 2011.
• Median price is defined as the mid-point, where, for the time period identified, the price for one-half
  of the sales are higher and one-half are lower.

Annualized Median Price by Area Group (new chart)

• This chart shows the annualized median price by-area-group year over year. Each vertical bar
  represents the median for the prior 12 months of data.

Median Price by Special Conditions (new chart)

• Median price on properties with no special conditions are up 8% from the prior year and up 9.2%
  from the prior month.
• Median price on REO (Bank Owned) properties are down 10% from the prior year and up less than
  1% from the prior month.
• Median price on short sales properties are down 11.5% from the prior year and down 11.5% down
  from the prior month.

Number of Units Sold

• April ended the month with 509 sold transactions, down 5% from the prior month.
• Sales are up 16.7% from the same period last year.

Average Days on Market

• The average days on market are 145 days, the same as the prior month, and up 5.5% from April
  2011.

Days on Market (DOM) by Special Conditions

• Short sales continue to influence the average days on market at 224 DOM.
• Properties with no special conditions 125 DOM and Other had 97 DOM.
• REO properties average days on market remain stable at 84.

New Listings

• 583 new listings were taken in April compared to 593 in March, a 1.7% decrease and a 25.8%
  decrease from April 2011.
• Properties listed at under $250,000 made up the 70% of new listings entering the market during the
  month of April.
• 57% of new April listings were distressed – Short Sales 38% (218); REO 19% (112); No special
  conditions 42% (247) and Other less than 1% (6).
• In price ranges under $200,000, 43% of the listings are identified as distressed listings.
• In April, 12% of new listings taken in the under $100,000 price range are distressed; compared to
  18% in the $100,000 – $150,000 price range; 13% in the $150,000-$200,000 price range; and 7% in
  the $200,000 – $250,000 price range.

Distressed New Listings History

• The allocation of new listings by special conditions moved down slightly with the volume of
  distressed new listings representing 56.6% of the market in April, down from 59.5% in March 2012.
• Listings with no special conditions moved up in volume of listings to 42% of the market.

Status of Pending

• Active Pending – Short Sales represent 64.7% of the total active pendings; Active Pending Loan
  equals 13.6%; Pending No-show represents 16.8%; Active Pending call 4.6%; and Active Pending
  House less than 1%.

Current Months Supply of Inventory (Unsold Inventory ÷ Sales per Month)

• As of April 30, there was 4.6 months of unsold inventory based on the April sales rate.

Reports provided by permission of the Reno/Sparks Association of REALTORS^®