Okay, so you know I love to post doom-and-gloom articles about what’s not selling… but what actually is selling in the Reno Sparks market these days? The MLS has answers. Let’s look at what’s closed since the beginning of March, then sort by number of days on the market to see what sold the fastest.
10 homes sold in under 30 days since March 1. Two of them were new homes in Lemmon Valley that were on the market for zero days. They closed for $232K and $264K. Another one closed on Olmsted in Caughlin Ranch for $430K after 21 days on the market, but it was listed prior for 276 days. A little one bedroom condo on Grove Street sold for $65K. A home on Long River listed at $299K last July went through three Realtors before finally selling for $262,500.
All you Somersett fans will love this one… a home on Chipshot Trail started off in April last year at $700K, churned through three Realtors and several price reductions to sell, finally, for $580K. The Realtor who sold it also represented the buyer, which almost makes me think she may have bought it herself. We’ll see…
A cute little home on Lennox Lane in Sparks which appeared to sell in 27 days for $240K, was actually listed back in July for $254,500 and gradually came down through a serious of withdrawals and relistings as the months passed.
A well-priced view home in Hidden Valley on Piazzo sold in 29 days for $660K, $2000 above its asking price and just barely above its 20o3 sale price of $650K. Apparently it went to neighbors who had been looking for such a view for many years.
And so it goes. In a nutshell, the homes that sold were the best values in their neighborhoods compared to the competition. When only 10-12% of homes in the market are selling, you have to go low with the best value to be the winner that actually sells.
Lindie
So, let’s see:
A couple of new houses in Lemmon Valley sold in the mid 200’s….
A Caughlin Ranch house sold after 300 days on the market for $430K (what did it start out at 300 days ago?)….
A Grove Street apartment condo conversion sold for $65K…….
A Somersett house sold for $580K after a $120K haircut (another sign of a healthy Somersett market, Guy?)….
And, in Hidden Valley, are we now back to 2003 prices??
Insider
Has anyone see this http://www.housingtracker.net/old_housingtracker/location/Nevada/Reno/ Look at how much inventory we had last year at this time. Look how much we have now. Look at how fast the inventory has been increasing! No doubt it’s going to be another tough spring selling season. Prices have to head lower, that’s the only way to get rid of all this inventory.
Prime
And then came along this article from the Reno Gazette Joke http://news.rgj.com/apps/pbcs.dll/article?AID=/20070322/NEWS10/703220334/1002
Let’s see, house prices dropping, record level of foreclosures, stock market hurting because of subprime woes and now slowing population growth in washoe county. Is a perfect storm rising in Reno?
BanteringBear
“So What IS Selling?”
Well, not enough. Inventories keep growing. One particularly ominous sign is the number of homes coming onto the market which were purchased in the last few years. I don’t think it is normal to have a sea of for sale signs in a new development. This most certainly points to speculation, and financial distress. While widespread panic has not set in, there is definitely unease in the air.
With the MSM starting to pick up on the faultering market, more people are making the decision to get out while they can. There has not been much capitulation on asking prices by sellers, but I think that will change as we move forward. Certain people quite literally cannot afford to wait a year or two to sell like others seem willing to do. I wouldn’t be surprised to see another 15% drop in the median by the end of this year. Of course, with the subprime financing dwindling, the median could be somewhat skewed toward the higher end as a result of the lack of first time buyers. Interesting times indeed. I find it fascinating.