As we begin to see an increase in buyer activity in the Sparks and Spanish Springs real estate market many want to know what is selling and where. According to data from the Northern Nevada Regional MLS, as of today in the Sparks and Spanish Springs areas almost three-quarters (73.5%) of the single family homes that have sold since March 1, 2008 are in the under $300,000 price range. These homes have an average list price of $242,423 and an average sold price of $232,252.
Where are these homes?
- 36% – East Sparks (Established neighborhoods like Wabash Circle)
- 28% – Sparks Suburban (Includes neighborhoods like The Vistas and Kiley Ranch)
- 16% – South Spanish Springs (Included neighborhoods like Wingfield Springs and Cimmaron)
- 12% – West Spanish Springs (Near Spanish Springs High School)
- 4% – Sparks
- 4% – West Spanish Springs (Includes neighborhoods like Bridle Path)
The homes that have sold since March 1, 2008 experienced an average of 124 cumulative days on the market. Bank owned properties received on average 96.32% of asking price and other sellers received 95.1% of asking price.
What is driving the prices and sales in the Sparks and Spanish Springs area? Bank owned homes. Of the homes mentioned above 60% were bank owned properties that entered the market as a result of a foreclosure. What does this mean for buyers? Opportunities galore. There are still a large number of bank owned homes available on the market in the Sparks and Spanish Springs areas. As we all know banks are anxious to remove these homes from their inventory and have priced them very competitively.
Contact a Dickson Realty agent today to learn more about the Sparks and Spanish Springs markets as well as the pros and cons of buying a bank owned home.