Reno Foreclosure Blog

Market area: Reno, NV. –  South Suburban

Appraised property located on Timberline Dr

Search parameters:

All style homes

Gross Living Area:  3799 SF to 6331 SF

Age: 1992 to 2010

Current median price = $875,000

Median price from 6/15/06 to 6/15/07   =  $1,550,000

Percent decline  =   44%

SALES DATA FOR THE LAST 12 MONTHS

Date Run: 7/8/2010

Base/List Date/Current: 7/8/2010

Foreclosures                        =    13     

Short Sales                          =     9

Arms lengths                       =     17

Total Sales last 12 months   =     39

Percent Special Conditions     =          56%

Percent Short Sales                 =          23%

            Median $         =          $700,000

            Hi $                 =          $2,250,000

CURRENT LISTINGS  =  52

 Median days on market = 100

Foreclosures                       =   6         

Short Sales                         =   11

Arms length                        =   35

Percent Special Condition       =          33%

Percent Short Sales                 =          21%

Median $         =          $1,194,500

Hi $                 =          $2,500,000

Low $              =          $480,000

It appears that this area experienced increasing values in the last 3 months, after decling more than 50%, but be careful. All the indicators are pointing to a future double dip in the Real Estate market. It should be noted that the number of samples in the statistical analysis may not be sufficient for a reliable outcome. It should also be noted that the number of listing have increased dramatically but a current national report stated Pending home sales dropped 30% in June and the Luxury home market is experiencing the largest strategic default rate in history.

This report was generated for use in an appraisal. The appraised property is 8 years old and has 5,200 SF of living area. It was sold through the Short Sale process 2 months prior to this Sale appraisal and "Flipped" for a $100,000 profit.