Reno Foreclosure Blog

Current Market Conditions for Sparks, NV., centered on Oddie and Rock Blvd. Homes built between 1936 and 1956 with Gross Living Area of 750 sf to 1123 sf. (search parameters were based on a recent appraisal)
 
Date Run: 3/25/2010
Base/List Date/Current: 3/25/2010
 
Inventory Analysis Prior 7 - 12 Months Prior 4 - 6 Months Current - 3 Months
Total # of Comparable Sales (Settled) 20 13 9
Absorption Rate (Total Sales/Months) 3.33 4.33 3
Total # of Comparable Active Listings 31 21 NA
Months of Housing Supply (Total Listings/Ab.Rate) 9.30 4.85 NA
Median Sale & ListPrice, DOM, Sale/List% Prior 7 - 12 Months Prior 4 - 6 Months Current - 3 Months
Median Comparable Sale Price $92,000.00 $72,900.00 $80,000.00
Median Comparable Sales Days on Market 85 125 62
Median Comparable List Price $84,900.00 $75,000.00 $75,000.00
Median Comparable Listings Days on Market 125 105 62
Median Sale Price as % of List Price 108% 97% 107%

 

The median price of home sales in this area, using the same search parameters as shown above, from 6/15/05 to 6/15/06 was $235,000. That is a 65% decline in values in this area, from the peak values of 2005-06.

There are currently 15 homes listed that are similar to the above search parameters. The median list price is $89,900. 67% of the current listings are being offered as short sales. 2010 is the year of the short sale.

Based on this local MLS market condition report, home sale prices increased in the last 3 months, but be advised, there is always a lag in accurate data. My prediction, based on numerous current indicators, is that Sparks Real Estate values will experience continued declines into 2010. (Read past blogs)

Posted by David Lysne on March 25th, 2010 8:49 PMPost a Comment (0)
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