Once again more short sales have closed in the Sparks-Spanish Springs market area according to data from the Northern Nevada Regional MLS for stick built homes. As expected traditional sales had the highest average median sales price, with short sales following and bank owned sales bringing in the lowest median price. As expected short sales took the longest to close, due to the approval process.
Short sales accounted for 39% of November sales. The median sales price for short sales was $159,900 and the average days on market was 180.
Bank owned proeprties accounted for 35.1% of November sales. The median sales price for bank owned sales was $128,000 and they averaged 95 days on market.
Traditional (equity position) sales accounted for 25.7% of November sales. The median for these sales was $192,000 and they averaged 82 days on the market.
Buyers used FHA financing for 42.9% of these purchases. Conventional financing accounted for 28.9%, 19.5% were purchased with cash and 7.8% using VA financing.