January 2013’s market report, provided by the Reno/Sparks Association of REALTORS®, has been released.
Commentary from the report…
- For the first time in the past five years, the January 2013 sold to asking price ratio exceeded 100%, reported at 100.3%. The sold to asking price ratio has been trending up since January 2012. The demand for inventory is the driving force behind the increasing median price.
- Pending sales continue to keep pace with new listings, keeping inventory levels low.
- New listings in the category of Short sales are up 43% over December. This is an early indication that with the extension of the Mortgage Debt Relief Act through 2013, short sellers are entering the market to take advantage of this extended tax break.
- While 2011 and 2012 had record breaking sales, we anticipate sales in 2013 sales to be strong, but not at the previous two-year highs due to limited inventory.
- Mortgage rates have been at historic lows, they are expected to rise to about 4.0 percent in 2013 and 4.6 percent in 2014.
- Summary: “The decrease in month-over-month unit sales is a fairly normal trend for January,” said Helen Graham, 2013 president of the Reno/Sparks Association of REALTORS. “December is typically a strong month for unit sales since homebuyers rush to close before year end for tax implications. The year-over-year decrease in unit sales is a result of limited inventory in the most desirable price ranges. However, pending sales numbers are improved, so we are cautiously optimistic that February is poised to see an increase in homes sales numbers.”
Related post: RSAR Monthly Market Report – December 2012