The Reno Sparks Association of REALTORS® has released its Monthly Market Reports for the month of January. These reports may be accessed with the following links:
- Greater Reno/Sparks Standard Market Report
- Greater Reno/Sparks Detailed Market Report
- Fernley Market Report
From the Reno/Sparks Standard Market Report for January…
“We continue to see record year-over-year sales with January 2012 unit sales being the highest January sales number in history,” said Kevin Sigstad, 2012 president of the Reno/Sparks Association of REALTORS and the broker with Re/Max Premier Properties. “The decrease in month-over-month unit sales is a fairly normal trend. Many homebuyers rush to buy a home in December for tax implications. However, the year-over-year increase in home sales continues to tell us more and more homebuyers are finding great value in home ownership in northern Nevada and that this is a great and desirable place to live.”
“In regards to the median sales price, the decrease is not surprising,” added Sigstad. “The current market is dominated by properties under $200,000 and 75 percent of all sales in January occurred in the under $200,000 price range. Therefore, the median sales price will be affected. The good news is that there continues to be a high demand for properties coming onto the market.”
Reports provided by permission from the Reno/Sparks Association of REALTORS®
Sully
Units and Absorption by Price
– Properties in between the price ranch of $150,000 and $300,000 price range are in a balanced market.
– Properties under $150,000 have less than 5 months supply of inventory and would be considered seller’s market properties.
– Properties over the $300,000 price range have in excess of 11.8 month’s supply of inventory.
– 87% of the total sales for the month of January were in the under $250,000 price range.
– Properties over $1 million have in excess of 46 month’s supply of inventory.
– The National Association of Realtors describes a balanced market as between 5 and 7 month’s supply of inventory.
Lemme see; the high end is now recalculated at anything over 250K and the over 1 million is permanently classified as unsellable? 🙂
Tom Joad
That’s pretty accurate Sully. $250K does now constitute the high end. With values dropping 65% from 6 years ago, this is now the reality.
There are still a lot of very delusional sellers today that do not understand this. Last month, a total of 12 houses sold in Reno for $500K or more. That’s right, 12.
There are more than 250 listings on the MLS over $500K. So if you are trying to sell in that price range, you have a 1 in 20 chance of selling your house.
As for the delusional over $1 million price point, where sellers still think it is 2005, let’s just say there is a infinite amount of inventory.
MikeZ
I caught a bit of Warren Buffett on CNBC this morning and he was very bullish on single family homes (he’d buy millions of them).
http://www.moneycontrol.com/news/world-news/id-buymany-single-family-homes-if-i-could-buffett_673991.html
Carlo
I love the comment attributed to Buffet to buy with a 30 year loan and then “refinance if rates go down”.
Mortgage rates are at the lowest point since, what, 1950?
“Refinance if rates go down.”
Yea, exactly.
pasta marinara
Yes, precisely. If the Fed figures out a way to drop the discount rate below zero, and simultaneously buys another trillion dollars of treasuries, and mortgage rates thus drop from 3.93% to 3.89%, you better go out and refi right away.
Rory
It’s hard to take Buffett seriously since he’s become a shill for the Administration.
Transplant
Buffet’s never struck me as someone who lets his political views influence the types of investments he makes his billions off of. Undervalued companies and companies that produce consumable products is what he primarily targets. When I hear the word ‘shill,’ what immediately springs to my mind is Glenn Beck and Laura Ingraham endlessly shilling for Goldline, the conspiracy-mongering, bait-and-switch criminal operation. And the word for someone who gets his investment advice from Glenn Beck is ‘moron.’
Reno Din0
Had the Feds not stepped in a bailed out the various public companies owned by Buffet, he would have been wiped out.
He also owned tens of billions of credits default swaps that would have been triggered in major credit collapse leaving him as the insurer of last resort.
“His bread I eat, his song I sing.”