This post is in honor of Loyal Reader Wazzup, who pointed out yesterday that all the fire has gone out of this blog since I haven’t been getting flame comments from the usual suspects. (Though many of them popped up shortly thereafter… Hey, should I be worried that people find the comments more interesting than my insightful prose? Nahhh!)
A past client called the other day wondering about his home value in Wingfield Springs. He bought last year, so the news wasn’t good. Here’s the breakdown for that area of Sparks: 42 sales total in the last three months, or about 14 per month, went for an average $208 per square foot. Current pendings are at 18. Number of homes currently for sale? 254. That’s huge! That puts absorption rates at a measily 5.5%, so your chances of selling in this area right now are roughly 1 in 18. Not good. Price it low, let it go.
Data courtesy of NNRMLS, Area 183 South Spanish Springs, 6/7/06-9/7/06.
gotlots
14 sales per month over the past 3 months. 254 current listings.
That is 1.5 YEARS of inventory.
Have you noticed we are now talking about inventory in terms of YEARS, not months?
Summer gone. Winter coming.
If one seeks to lock in declining value in Wingfield Springs, or any other neighborhood in Reno/Sparks, there has never been a better time to buy.
Wazzup
Diane,
Thanks, I guess we woke up the sleeping dogs. That’s the best thing about your blog, the results can be instantaneous. I find it a great datapoint in keeping up with the RE market in Reno. As you can probably guess, we’re from the state to the west and approaching retirement. Keeping up with the Reno market would be much harder and less timely. Normal sources are pretty stale. We also get a “balance” not just the salesperson pitch. Somersett/Sierra Canyon is our primary target at this time. I am losing my respect for what’s going on in Sierra Canyon and am a little leery about their practices. Case/s in point, a few months ago they had a particular model listed for $485k, for a short time they raised the price to $590k, now they have it back to $485k. Secondly, they have MLS listings for three Alpine Meadows models on Qulberry, on their website they have 9137 priced at $396k, on the MLS it is $343k. Also, I got an email from them saying they have 1 Alpine Meadows model available for $358k. Implication was that this was the only one and it was an “Inventory Reduction Special”. Any comments? Can I trust these guys? It also appears that they do have more “inventory” if you check the assessor’s maps. Thanks, Diane and “regulars”…
Waz