IMedia Contact: Katie Shaffer
Switchback PR + Marketing, Inc. 530-550-2252
katie@switchbackpr.com
For Immediate Release
Reno, Sparks and Carson Valley
First Quarter Home Sales Report Released
~Single Family Unit Sales Show Measurable Increase~
RENO, Nev. (April 9, 2012) – The Reno, Sparks and Carson Valley real estate sales numbers for the first quarter of 2012 show signs that the local market activity is moving in an upward direction according to a quarterly report released by real estate company Chase International.
The first quarter Chase International report for 2012 shows an impressive 12 percent increase in units sold for the Reno-Sparks area with very little inventory in the lower market (under $250,000). For the Carson Valley, a total of 143 units sold during the first quarter of 2012, up from 140 from last year at this time, which denotes a two percent increase.
“The lower segment of the market has evaporated and we are experiencing multiple offers on most listings in this segment. Most listings under $250,000 are receiving multiple offers,” said Susan Lowe, corporate vice president for Chase International. “The uptick in activity will really be evident in the next quarter stats.”
The number of volume sold in the Reno and Sparks markets dropped two percent, to $249,664,211, and the Carson Valley showed a 15 percent decrease in volume, to $33,000,649.
Regional median and average prices have continued to drop as well. The median price of a home in Reno-Sparks is $145,000 (down nine percent) and the average price is $176,565 (down 13 percent). The median price of a home in Carson Valley is $180,000 (down nine percent) and the average is $230,773 (down 17 percent).
“What’s notable about the Reno, Sparks and Carson Valley markets is that the number of units sold is up significantly, indicating increased activity which can be translated as a positive sign that the market is gaining in strength,” said Lowe.
When it comes to condominium sales, 225 condos sold in 2012 to date over 222 in 2011, a one percent increase. The median price of a condo in Reno-Sparks was $56,000, down three percent over last year. The average price of a condo was $69,786, down 12 percent over the first quarter prices from one year ago.
The sales and figures of the Chase International first quarter report are compared to first quarter statistics of 2011 and include all sales in Reno, Sparks and the Carson Valley from January 1 through March 31 of this year.
Headquartered in Lake Tahoe, Nevada since 1986, with eight offices in the region (Zephyr Cove, Glenbrook, Incline Village, Tahoe City, Squaw Valley, Truckee, South Lake Tahoe and Reno) and one in London, England, Chase International and its exclusive affiliations handles a large share of the country’s property. A recognized leader in the world of real estate, Chase International continues to grow. With 240 professional Realtors® boasting an array of industry certifications and the highest volume per sales agent in the area, Chase International successfully represents homes at all price levels. For more information about Chase International, visit www.chaseinternational.com.
###
 |
Don
Found a website with Reno Housing numbers based on public info through 4/9/12. Thought it was interesting and full of current & past years info. Check it out at http://www.deptofnumbers.com/asking-prices/nevada/reno/
BanteringBear
Hmmm. Not as much of an inventory shortage as one would infer from the incessant REALTOR chatter. Looks like there are plenty of homes, they are just priced too high.
tyler durden
I don’t see any inventory numbers in this report.
Jennifer Fortune
Thanks for sharing Guy, the numbers are interesting here in South Lake Tahoe as well. Jennifer
currenthomehunter
I can tell you that over 50% of what is currently on the market in Reno for sale between $175,000 to $300,000 have pending offers. The rest is either over-priced for the condition or just crap.
We just may not buy for awhile still. What a racket.
GreenNV
CHH, can’t refute your “in contract” statistics. Inventory sucks.
As far as “over-priced for the conditon”, get ready for the new reality. The generic price band of Reno housing stock you identify is about 30% underpriced, in my hunble opinion. There is no inventory, and what the bank’s are about to bring to market based on recent REOs is 50% below what the market is used to. The days of picking up a mint condition 3/2/2 in decent location for $155K are gone, at least for now.
BanteringBear
Too much hot money in Reno real estate right now. I’d never buy in this environment. “currenthomehunter” will be rewarded for waiting.
Adams
This would all look pretty good for a sustained market recovery, except for AB 284.
I suppose that 98% of all buyers have never heard of AB 284, that all they hear is their realtor telling them there are no houses and they better buy now if they ever want to buy.
If somebody wants to be a housing market timer here’s the play: Get on the housing shortage bandwagon and yell it as loud as possible. Use it to drive up prices over the next year and a half. Then sell in the last quarter of next year. Before AB 284 is amended and 10,000 NODs are recorded in 2014.