Silver Springs is still avoiding the massive foreclosures and short sales that are happening in neighboring communities. Hopefully, Silver Springs can dodge the bullet!
July had two sales in the stick built homes. One was a bank-owned that was listed for $123,000 and sold for $113,000. The other was a regular owner/investor sale, listed at $182,000 and sold for $175,000 (my listing).
Five manufactured homes were sold and all of them were bank-owned:
List price high $101,900 low $42,000, average $70,820
Sold price high $105,000 low $42,000 Average $67,000
Average days on market were 180
August begins with 61 manufactured listings:
10 bank-owned, list price high $126,000 low $45,000 average $73,850
5 short sales, list price high $145,000 low $43,900 average $86,650
44 regular owner listings, list price high $289,000 low $30,000 average $135,208
2 court approval required listings, one for $120,000 and the other is $65,000
27 stick built homes are listed:
4 bank-owned, list price high $144,900 low $84,900 average $111,150
3 short sales: $119,000 for one and two at $130,000
20 regular owner listings: list price high $375,000 low $69,000 average $175,699
Average days on market are 316
Sales
The 2nd quarter sales were reported at 146 up 28% from the 1st quarter 2009 and up 74% over the 2nd quarter 2008.
June ended the month with 62 sold transactions as compared to 43 for the month of May – a 42% increase over the previous month and a 158% increase over the same period last year. June 2008 reported sales were 24 the second lowest months of reported sales in 2008.
Of the homes sold in June, 4 were Short Sales and 49 were Bank Owned. This means that 85.5% of properties sold in June had Special Conditions. This compares to 77% of sales in May 2009.
Quarterly Sales Trend
(Based upon stick-built homes in Fernley 450)
Sales Analysis
No Special Conditions versus Short Sales and Bank Owned
(Based upon stick-built homes in Fernley 450)
Median Price
June saw a 12% increase in median price to $116,750 in June compared to $104,000 in May 2009, and a 30% drop over the same period in 2008.
The median price for the 2nd quarter was $109,950 a 35% drop over the same period last year and an 8% drop from 1st quarter 2009.
The chart below show the Median Sales Price Trend for single family, stick built homes in the Fernley 450 Area.
Median Sales Price Trend
(Based upon stick-built homes in Fernley 450)
The table below demonstrates the steady rise in sales in the under $150,000 price range. There was a spike from 1 sale to 7 sales in the $201,000 - $250,000 price range in the month of June.
Analysis of Sales by Price Point
(Based upon stick-built homes in Fernley 450)
Listings
|
New Listings |
Total |
Special Conditions – None |
Special Conditions –Short Sale |
Special Conditions – Bank Owned |
Percentage of Distressed New Listings |
|
May 2009 |
52 |
8 |
22 |
17 |
75% |
|
June 2009 |
91 |
16 |
32 |
38 |
77% |
Listing Trends
(Based upon stick-built homes in Fernley 450) 
Month’s Supply of Inventory (Unsold Inventory ÷ Sales per Month)
As of June 30, 2009, Fernley had 4.4 months of inventory based on the 30-day June sales rate. The Month’s Supply of Inventory (MSI) has trended down for the past three months.
The National Association of REALTORS® describes a balanced market as between 5 and 7 months supply.
Historical Market Absorption or
Months Supply of Inventory
(Based on stick-built homes in Fernley 450)
Being one of the best places in Northern Nevada to live, it just got a little bit better ! The Legends at Sparks Marina had their grand opening in June. Take a tour of RED Development's $1.1 billion shopping center on 148 acres. Phase 1 of 24 stores opened on June 17, 2009. Stores than have been open for a while are Scheels Sporting Goods, Best Buy, Target, and All That Jazz Restaurant. http://www.realestateshows.com/413752
The Legends is adjacent to Sparks Marina, a park with year-round activities and a get-away right in the city, take a look http://www.realestateshows.com/417943
BusinessWeek magazine named the City of Sparks as the best city for starting a business in Nevada. According to the analysis conducted by BusinessWeek using demographic and geographic data from ZoomProspector.com, BusinessWeek searched cities acrosss the United States with populations ranging from 20,000 to 200,000 people to compile the list. The rankings were calculated based on 11 factors to measure a city's entrepreneurial climate, including the number of small businesses and startups, the quality of workforce, how many universities are in the community, and other criteria.
Based on the data, Sparks showed 3.18 startups per 1,000 people and 35 small businesses per 1,000 people which helped catapult the city to the top in Nevada.
The national ranking comes as good news for city officials and economic development groups looking to promote Sparks and the Greater Reno-Tahoe region.
Not enough? How about the best Farmers Market in the West and Wild Island Family Fun Center.
Thinking about Sparks? Have questions, need more information?
Call Sandra Mathewson (775) 287-8222, RE/MAX Complete located in Sparks
Fallon is still pacing itself, but the bank-owned properties and short sales are increasing.
The month of June had 21 sales, 18 stick built and 3 manufactured homes.
18 stick built homes sold, 10 were bank-owned
List price high $185,000 low $14,500 average $99,390
Sold price high $186,000 low $12,000 average $100,750.
Average days on market were 135 days with average of $68 per square foot cost.
1 short sale sold, it was listed for $150,000 and sold for $153,000
7 regular seller sales,
List price high $499,900 low $66,500 average $202,428
Sold price high $463,000 low $65,000 average $191,842
All 3 of the manufactured home sales were regular seller sales
#1 listed $104,000 sold $104,000
#2 listed $121,500 sold $114,000
#3 listed $121,900 sold $119,000
Fallon starts July off with 193 stick built listings:
30 bank-owned, list price high $249,000, low $47,700, average $137,355, average days on market are 74 days
21 short sales, list price high $265,000, low $49,800, average $148,476, average days on market 156 days.
141 regular seller listings, list price high $1,800,000, low $74,000, average $259,900, average days on market 199 days.
Manufactured home listings are 53:
4 bank-owned, list price high $175,000, low $87,800, average $120,300
48 regular seller listings:
List price high $375,000, low $69,900, average $152,409, average days on market 211 days.
1 court approval sale for $145,000
246 listings comes out to 11.7 months of inventory.
The sales have picked up due to the low bank-owned prices, first-time buyer incentives and low interest rates.
Thinking about Fallon or have questions? Email Sandra at smfernley@sbcglobal.net
Every attempt is made to present accurate MLS information.
Sandra Mathewson, CRS, ABR, GRI
(775) 287-8222
June brought a lot of rain and 6 sales. Stick built homes had 3 sales, 2 bank-owned and one regular.
Bank-owned #1 listed for $112,500 sold for $112,500
Bank-owned #2 listed for $138,900 sold for $130,000
One regular seller sale, listed for $249,000 and sold for $244,000
Manufactured homes had 3 sales, 1 regular, 1 bank-owned and 1 court ordered.
Regular seller listed for $40,000, sold for $38,000
Bank-owned listed $72,000, sold for $45,000
Court ordered listed $223,000, sold $223,000
The total listings starting in July are 89, 27 stick built and 62 manufactured.
The 27 stick built listings are broken down into
19 regular seller listings, list price high $375,000, low $69,000, average $177,499
Average days on market are 318
6 bank-owned listings list price high $145,000, low $84,900, average $119,533
2 short sales $119,000 and $135,000
There are 62 manufactured home listings:
8 bank-owned, list price high $140,000, low $36,000, average $80,612
4 short sales, list price high $145,000, low $43,900, average $82,620
50 regular seller listings, high $289,000, low $40,500, average $133,781.
Average days on market are 184
At 89 listings, the inventory is 14.8 months.
If you would like information on homes in Silver Springs, foreclosures or other information, please contact Sandra at smfernley@sbcglobal.net.
Every attempt has been made to provide accurate MLS information.
Sandra Mathewson, CRS, ABR, GRI
(775) 287-8222
I am your link to local knowledge, real estate information and professional expertise for Fernley, Fallon, Silver Springs and the Reno/Sparks area.
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