Reno Foreclosure Blog

I just completed an appraisal in Carson City Nevada. Here is the current market condition for the North, NE, and NW areas of Carson City.

Statistical analysis included homes built between 1976 and 2000, with living area between 1284 sq. ft. and 1926 sq. ft., located on an approximately 1/4 acre residential lot.

There were a total of 55 sales in the last 12 months.

Sale statistics for the last 12 months:

Median sale price dropped from $189,000 in the first 6 months of 2009 to $176,000 in the last 3 months of 2009.

Bank owned (REO) sales were 40% of total sales. Short sales were 25% of total sales. Arms lengths sales were 35% of total sales.

The median days on market was 85. The sale $ to List $ ratio was approximately 98%.

Current listing data:

There are currently 30 homes listed for sale that fall into the statistical parameters stated previously.

The current median List price is $186,500.

Current REO's for sale has dropped to 3% of total listings, BUT Short Sale listings (pre-foreclosures) now comprise 50% of the properties being offered for sale. Arms lengths listings comprise 47% of the listings.

The median days on market is presently 132 (increasing, due to high listing prices and the temporary suspension of the $8,000 first time tax credit).