Reno Foreclosure Blog

Market area: Reno, NV. – Southwest suburban

Appraised property located in Saint James Village, on Pinewild Rd

Search parameters:

All sales in the last 12 months within 2 miles of the appraised property

Current median price = $585,000

Median price from 6/15/06 to 6/15/07   =  $1,082,048

Percent decline  =   46%

SALES DATA FOR THE LAST 12 MONTHS

Date Run: 8/8/2010

Base/List Date/Current: 8/8/2010

Foreclosures                        =     23    

Short Sales                          =     37

Arms lengths                        =     17

Total Sales last 12 months    =     77

Percent Special Conditions      =          60%

Percent Short Sales                 =          48%

            Median $         =          $584,850

            Hi $                 =          $2,250,000

CURRENT LISTINGS  =  114  - Median days on market = 116

Foreclosures                       =   5         

Short Sales                         =   15

Arms length                        =   94

Percent Special Condition       =          18%

Percent Short Sales                 =          13%

Median $         =          $799,500

Hi $                 =          $3,765,000

Low $              =          $249,900

It should be noted that 40 of the  current 114 listings have a list price over $1 million, but there were only 6 sales over one million in the subject’s neighborhood in the last 12 months and only 3 sales in the last 6 months. The median list price of the 114 listings is $799,500 but the median sale price for the 77 sales in the last 12 months was only $584,850 and the median list price for the prior 7-12 month period was $589,900 (a 36% increase from just a few month ago). The median sale price in the last 3 months was $585,000. This suggests that Seller/Realtor hopes and optimism in the market is strong but buyer confidence and demand is still low. The area experienced a modest increase in values during Q4 of 2009 and Q1 of 2010, due to the governments’ tax incentives, but home values now appear to be declining once again, and the current increasing inventories will most certainly have a price lowing affect on future sales. It should also be noted that the number of “luxury homes” being listed for sale is above normal (during a period when strategic defaults on luxury homes is at an all time high) and the median days on market for luxury homes is 266 days (25% of the luxury homes listed have marketing periods exceeding one year – some 3 years). It should also be noted that the luxury homes that are selling, have been selling at a discount. It is the appraiser’s opinion that the area had experienced a modest short term upward surge in values in the first quarter of 2010, due to government economic incentives, but numerous current economic indicators suggest a continuing decline in home values through the end of 2010 and into 2011.