Overall, the number of Reno and Sparks residential properties sold in 2013 (7,245 units sold) was within 1 percent of the total sold in 2012 (7,322 units sold).
But what these totals do not show is where home buyers are purchasing, and how has this changed. Last week I posted a piece breaking out 2013 sales by MLS area — See What areas in Reno and Sparks sell the most homes? This week I though I would to take the analysis a step further and show how the number of sales in each area compare to the previous year’s numbers.
The table below show the percent change in the number of home sales for 2013 compared to 2012, broken out by the top-selling MLS areas. I then sorted the table by % change — greatest to least.
| Rank | MLS Area | % Change |
| 1 | Reno-South Suburban | 20% |
| 2 | Reno-Southwest | 12% |
| 3 | Reno-Old Southwest | 9% |
| 4 | Reno-Old Northwest | 5% |
| 5 | Reno-Northwest Foothills | 4% |
| 6 | Reno-Northwest Suburban | 2% |
| 7 | Reno-South Meadows | 0% |
| 8 | Spanish Springs-South | -2% |
| 9 | Sparks-Suburban | -2% |
| 10 | Reno-Cold Springs | -2% |
| 11 | Sun Valley | -3% |
| 12 | Sparks-East | -5% |
| 13 | Reno-Donner Springs | -5% |
| 14 | Spanish Springs-West | -7% |
| 15 | Reno-Stead | -10% |
| 16 | Sparks | -10% |
| 17 | Reno-North | -10% |
As you can see many areas in Reno Sparks saw a large increase in the number of homes purchased, while others saw a large decrease. [To see the boundaries of the MLS areas click Reno-Sparks MLS Area Map]
I realize the two years does not a trend make, but by tracking sales over several years perhaps migratory trends can be ascertained. What are your thoughts? Useful information?
The data above is based off of total residential sales across all property types, including: site/stick built; condo/townhouse; manufactured/modular; shared ownership. Data courtesy of the Northern Nevada Regional MLS – January 2014. Note: This information is deemed reliable, but not guaranteed.
Chris
Guy, I couldn’t help but notice also http://www.deptofnumbers.com/asking-prices/nevada/reno/ , the inventory is at its lowest point in years. Sometimes I feel like that’s the only reason that the prices are going up, certainly nothing in the fundamentals (jobs, incomes) per http://www.deptofnumbers.com/income/nevada/reno/ really sustains it. Also the legislation seems to be further stalling the banks from releasing inventory they otherwise would have in this market. It’s really tough to find sub-100k homes that aren’t ‘stuck’ short sales, and I can only wait for the velocity to slow and prices to dip again.
Guy Johnson
Chris, yes the extremely low inventory is the biggest driver of the rising prices we’ve seen over the last two years — that, coupled with much buyer demand, in my opinion.
Also, thank you for the links.
– Guy
Sully
Great, I found the new site of housingtracker.net – thought they just folded. Guy, is it possible to do the same numbers with Hidden Valley area? I realize most of that area is in the county, but if you have the numbers available it would be interesting to see.
Bob
Yup, wait till the inventory opens up again. Yahooo
BanteringBear
There is not “much buyer demand” when you factor in the GARGANTUAN overhang of vacant houses in Reno. Just drive around, they’re everywhere, on almost every street. This whole thing is the biggest sham I’ve ever seen in my life.
Guy Johnson
Sully, the data for Hidden Valley is a little thinner (e.g. 89 sales for 2013), but in answer to your question: -11%.