WOW- Everything you hear on the news says Nevada has one of the highest foreclosure rates in the nation. We'll it's true for Nevada as a whole but the numbers are REALLY skewed. Las Vegas has one home in foreclosure for every 48 homes. Reno has one home in foreclosure for every 331 homes.
Yes there are some great bank owned deals in the Reno market but the sky is not falling and you won't be able to get a home for 10 cents on the dollar by simply waiting. The fact is this is a great time to buy. Yes we are deep into a buyers market, Now is the time to buy, it will not last forever !!
Reno MLS stats- Single Family Residence- 2,208 listed, 119 sold, 310 expired/withdrawn, 79 pending, 18.6 months supply
Sparks MLS stats- Single Family Residence- 765 listed, 48 sold, 115 expired/withdrawn, 20 pending, 15.9 months supply
Overall: These numbers still don't show the trend in our market yet. February sold/pending numbers will really go up according to what we are seeing just half way through the month on MLS. Buyers are out in large numbers looking for the "deal" (no problem finding these). We are seeing multiple offers on many bank owned homes and I expect that to continue as banks get more aggressive trying to move inventory.
2007 is in the history books but it is very important to see where we came from and then where we are headed for 2008.
Reno MLS stats- SFR only- 2,099 listed, 141 sold, 319 expired/withdrawn, 65 pending, 14.9 months supply.
Sparks MLS stats- SFR only- 736 listed, 56 sold, 123 expired/withdrawn, 20 pending, 13.1 months supply.
The Good News: The total number of listings are going down ( Reno- 2,337, Sparks- 810 listed in November ) This is real good news for the market. We expect the numbers to keep going down which will help with market time & overall market health.
The Bad News: Still way to many listings for our market, not enough sales to shorten the time spent on the market.
Overall: January should look much better. The recent rate cuts will really push buyers off the fence
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Specializing in Residential Real Estate in the Reno/Sparks Nevada area.
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