The good news first. Sales of single family residences in the Sparks-Spanish Springs area were up 22% this May over May 2008. This shows that the buyers are out there and making purchases.
Now the not so good news. The median sold price for May 2009 was $166,500. This is down significantly from May 2008 when the median sold price was $245,000. As we often hear, “real estate is regional” and the Sparks-Spanish Springs area is no exception. So here is the figures by area.
Sparks (MLS Area 180) – Median sales price $108,000 with an average days on market of 121 days. 61.11% were bank owned, 27.77% were traditional sellers, and 11.11% were short sales. 66.66% of buyers purchased using FHA financing, 16.66% used conventional financing and 16.66% used cash.
East Sparks (MLS Area 181) – Median sales price $154,000 with an average days on market of 119 days. 69.56% were bank owned, 21.73% were traditional sellers, and 8.69% were short sales. 34.78% of buyers purchased using FHA financing, 16.66% used conventional financing,34.78% used cash and 13.04% used VA financing.
Sparks Suburban (MLS Area 182) – Median sales price $209,000 with an average days on market of 129 days. 48% were bank owned, 40% were traditional sellers, and 12% were short sales. 32% of buyers purchased using FHA financing, 56% used conventional financing, 8% used cash and 4% used VA financing.
South Spanish Springs/Wingfield(MLS Area 183) – Median sales price $210,500 with an average days on market of 158 days. 53.33% were bank owned, 20% were traditional sellers, and 23.33% were short sales. 43.33% of buyers purchased using FHA financing, 33.33% used conventional financing, 20% used cash and 3.33% used VA financing.
West Spanish Springs (MLS Area 184) – Median sales price $165,7500 with an average days on market of 97 days. 57.14% were bank owned, 28.57% were traditional sellers, and 14.28% were short sales. 71.42% of buyers purchased using FHA financing, 21.42% used conventional financing, and 7.14% used cash.
East Spanish Springs (MLS Area 185) – Median sales price $307,500 with an average days on market of 108 days. 80% were bank owned and 20% were short sales. 20% of buyers purchased using FHA financing, 20% used conventional financing, and 60% used cash.
Sparks Foothills (MLS Area 188) – Median sales price $215,000 with an average days on market of 130 days. 50% were bank owned, 33.33% were traditional sellers, and 16.66% were short sales. 33.33% of buyers purchased using FHA financing, 16.66% used conventional financing, and 50% used cash.
If you would like specific valuation for your home, please contact me.
