Good news for home sellers in the Reno-Sparks market. In August 2013 we saw close to 75% of the homes sold without special conditions of sale (foreclosure sales or short sales.) Traditional (no special condition) sales were 49% of the market in August 2013. The median price for traditional sales was $244,000 this August as compared to $214,970 last August. Another plus for home sellers is that the average days on market for a traditional sale was only 66 days this August as compared to 89 days last August.
Short Sales this August accounted for 21% of the closed sales. This is down from 38% last August. We are seeing fewer short sales because more and more sellers are able to sell their homes at breakeven or above eliminating the need for a short sale.
Bank foreclosures or REO sales only accounted for 5% of the closings this August. This is down from 13% last August. The low number of bank foreclosures is the result of continued Nevada legislation, improving home prices and lien holder efforts to look at other loss mitigation options.
Active inventory continues to remain tight. As of today there are only 1,019 active listings in MLS (only 157 are under $200,000). Of the active listings 89% are traditional listings, 7% are short sales and only 4% are bank owned properties. This is good news and bad news for home buyers. The good news is buyers will find fewer challenges dealing with short sale approvals and banks. The bad news is that with continued low inventory levels the competition for properties and possible increase in prices may continue.
If you have been considering selling and want a current market value, please contact me today for a full market analysis. Don’t rely on online sites for your valuation as they don’t take into account current market conditions and what is going on in your immediate neighborhood.