Reno Foreclosure Blog

Market area: Sparks, NV. – Spanish Springs - South

Appraised property located on Verite Ct

Search parameters:

2 story homes

Gross Living Area:  2,334 SF to 2,852 SF

Age: 2000 to 2010

Current median price = $234,000

Median price from 6/15/05 to 6/15/06   =  $458,100

Percent decline  =   49%

SALES DATA FOR THE LAST 12 MONTHS

Date Run: 9/21/2010

Base/List Date/Current: 9/21/2010

Foreclosures                        =     18    

Short Sales                          =     19

Arms lengths                       =     17

Total Sales last 12 months   =     54

Percent Special Conditions      =          69%

Percent Short Sales                 =          35%

            Median $         =          $233,000         Avg = $233,382

            Hi $                 =          $295,000

CURRENT LISTINGS  =  37   Median days on market = 108

Foreclosures                       =   4         

Short Sales                         =   29

Arms length                        =   4

Percent Special Condition       =          89%

Percent Short Sales                 =          78%

Median $         =          $215,000         Avg = $224,871

Hi $                 =          $439,900

Low $              =          $179,000

Prices have held steady in the last 12 months but inventories are increasing, marketing periods are increasing and List prices are falling. The percent of short sales have increased from 35% of total sales to 78% of the current listings. All indicators suggest decreasing values into the future.

Total # of Comparable Active Listings for (Current – 3 Months) is the number as of 9/21/2010 = 37