Sparks, NV

Reno-Sparks Homes and Real Estate

Summary:

• Washoe County sales are the highest they have been for an August since August 2005. The median sales prices are up and continue to settle indicates we may just be at the bottom. Market conditions, of course, will continue to be influenced by high unemployment. Although there are media reports of a 'double dip' recession, the current median sales price and historic low interest rates make this a good time to buy, especially for those that have been on the fence!

Reno-Sparks Homes Median Sales Price

• August 2011 median price was up 2.7% to $154,000 compared to $150,000 in August 2011
• Median price is defined as the mid-point, where, for the time period identified, the price for one-half of the sales are higher and one half are lower.

Reno-Sparks Homes Price per Square Foot Solds

• Price per square foot is $94.14.
• Price per square foot by area groups, as provided in the detailed report, is a good way to compare similar homes for current value.

Reno-Sparks Homes Sold

• August ended the month with 528 sold transactions, up 4.3% from the prior month.
• Sales are up 17.3% from the same period last year. August 2010 continued to be influenced by the First Time Home Buyer tax credit.

Reno-Sparks Homes Average Days on Market

• The average days on market are 127 days, down o.7% from July 2011.

Day on Market (DOM) by Special Conditions

• Short sales continue to influence the average days on market at 198 DOM.
• Properties with no special conditions, REO, and Other show a range of between 89 and 100 DOM.

Reno-Sparks New Listings

• 727 new listings were taken in August compared to 699 in August, a 4% increase.

Distressed New Listings by Special Conditions

• 66% of new August listings were distressed - 263 Short Sales, 218 REO, No special conditions 236 and other 10.
• NNRMLS implemented a recent change in the reporting of Fannie Mae, Freddie Mac and HUD re-possessed listings as Real Estate Owned (REO), August new listings by special conditions reflect a more accurate picture.
• REO listings represented 30% of the market; Short Sales 36%; No special conditions 32.5%, and Other 1%. The market remains dominated by distressed new listings representing 66% of the market.

Status of Pending

• Active Pending - Short Sales represent 57.7% of the total active pendings; Active Pending Loan equals 19.3%; Pending No show represents 18.2%; Active Pending call 4.5%; and Active Pending House less than 1%.

Reno-Sparks Homes Supply of Inventory (Unsold Inventory divided by Sales per Month)

• As of August 31, there was 6.4 months of unsold inventory based on the August sales rate.

Historical Months Supply of Inventory

• Historical Months Supply of Inventory show that August MSI is down to 6.4 months compared to August 2011 at 6.6 and down 24% from August 2010.
• Six of the past twelve months, the market has been what is defined as balanced. In the past 24 months the market has remained as primarily a buyer's market.
• The National Association of REALTORS® describes a balanced market as between 5 and 7 months supply.
• Unsold inventory includes Active Pendings. This method of reporting months supply of inventory follows the industry standard of including all pending sales remaining in active status in the active inventory.

Conclusion

• August home sales are the second highest home sales for an August in the history of tracking the information through the MLS. This number outpaces August 2010 sales which continued to be influenced by the tax credit. August 2011 sales numbers are only outperformed by August 2005 (595)
• August 2005 showed the early sign of the collapse of the boom when median sales price began its decline. Home sales began to improve in 2007. It wasn't until May 2008 the rapid decline in pricing began to show into what we are currently seeing in the market.
• Year-to-date 2011 home sales (3774) numbers are up 5% over 2010 home sales (3592). We are cautiously optimistic that the sales number will continue to perform on its own (without government incentives) and outpace 2010.
• August's median price of $154,000 was up 2.7% over July. There was some artificial stabilizing in the median price during the tax credit influenced period. After the final deadline of September 2010, we have seen a continued decline in the median price. Savvy buyers with stable jobs and investors are seeing this as an excellent time to buy. It's time to get off the fence.
• For the past 40 years, interest rates have never been at the current record lows and are predicted to remain low in 2013.
• The average 15 year fixed rate loan dropped to 3.3.%. This is the lowest level since 1991, when mortgage giant Freddie Mac began tracking it. Freddit Mac also reported that the 30 year fixed rate loan dropped to 4.09%, a new low for 2011.
• Mortgage specialists say to get the best rates consumers must have a minimum FICO credit score of 720 or 740 out of possible 850. A tough challenge for even the most qualified buyers.

Courtesy of the Reno-Sparks Association of REALTORS®, data sourced from NNRMLS.

To read the complete report with charts, graphs and 5 year history RSAR Market Report August 2011

To read Reno-Sparks Homes and Real Estate Report July 2011 and previous months.

It's back! The Best In The West Rib Cook-Off is back for it's 23rd year in Sparks, Nevada. This free rib cooking contest is happening now through Monday, September 5, 2011. Labor Day in Northern Nevada means great ribs, great music, lots of people and has always been a favorite way to end summer!

If you are planning to go:

~The Best in the West Nugget Rib Cook-Off runs now through Monday~

~Times: 11a.m. to 9p.m. through Sunday. 11a.m. to 5 p.m. Monday

~Where: Victorian Square, Sparks, Nevada, between 14th Street and Pyramid Way, just of I80

~Cost: Free entry, vendor prices vary

~Parking: Available in the parking garage at the John Ascuaga's Nugget two city parking areas at C Street and 10th Street and east of the Century Theaters at Victorian Square Plaza.

~Shuttle Service: Pick up the free Shuttle at the West end of the Outlets at Legends (SCHEELS side) 11a.m. to 10p.m. Saturday and Sunday, today from 5p.m. to 10p.m.

Attendance expected to be at least 500,000 over the entire event. Please leave pets at home! Bring/wear sun screen as temperatures are expected to be in the 90's, hot and sunny! Hat's and sun glasses recommended.

The 23rd annual Best In The West Rib Competition is brought back to Sparks each year by the John Ascuaga's Nugget. Enjoy great food, rib eating contests and live entertainment all week end! Winners of this years best rig contest and the rib eating competition will be posted on-line Monday, September 5, 2011. John Ascuaga's Nugget will post the winners.

Best In The West Rib Cook-Off 2011

Are you looking for a fun way to celebrate Labor Day weekend in the Reno area?  How about the Best in the West Nugget Rib Cook-Off near Reno.  Beginning Wednesday, August 31st, 2011 in and around Sparks, Nevada's Victorian Square and continuing through until Monday, September 5th, 2011, the 23rd annual Nugget Rib Cook-Off brings the best barbecue chefs from miles around to show off their culinary skills.  It's a tastebud's delight.  Best of all, it's absolutely FREE to the public!

From 11am to 9pm Wednesday through Sunday and 11am to 5pm on Monday, there will be live music, kid-friendly fun, arts and crafts and, of course, ribs galore!  Enjoy carnival rides, inflatable games, slides and a fun Kids Area.  There's even a Major League Eating (MLE) sanctioned rib eating contest set to take place at 6pm on opening night (August 31st).  Head to the main stage to see the sauce fly.  The grand prize winner will receive $5000 and earn the World Champion Rib Eating title from the IFOCE (International Federation of Competitive Eating).

Music-lovers will have plenty of opportunities to enjoy live music while noshing on ribs.  The schedule of performers includes:

AUGUST 31, 2011
Dust on the Bottle, 11am to 2pm on the US Bank Stage
Blues Monster, 2:30pm to 5:30pm on the US Bank Stage
Tim Snider and the Sound Society, 6pm to 8:30pm on the US Bank Stage
The Buddy Emmer Band (rock and blues), 7pm to 8:30pm on the Main Concert Stage

SEPTEMBER 1, 2011
Alias Smith, 11am to 2pm on the US Bank Stage
Eric Anderson Band, 2:30pm to 5:30pm on the US Bank Stage
Rick Hays & American Steel, 6pm to 8:30pm on the US Bank Stage
The Family Stone (funk and soul), 7pm to 8:30pm on the Main Concert Stage

SEPTEMBER 2, 2011
Max Yasgur's Farm, 11am to 2pm on the US Bank Stage
Hired Gunnz, 2:30pm to 5:30pm on the US Bank Stage
Whitney Myer Band, 6pm to 8:30pm on the US Bank Stage
Dead Man's Party (Oingo Boingo Tribute Band), 7pm to 8:30pm on the Main Concert Stage

SEPTEMBER 3, 2011
Jason King Band, 11am to 2pm on the US Bank Stage
The Schall Adams Band, 2:30pm to 5:30pm on the US Bank Stage
Mark Sexton, 6pm to 8:30pm on the US Bank Stage
Heidi Newfield (Country), 7pm to 8:30pm on the Main Concert Stage

SEPTEMBER 4, 2011
Bayou Boys, 11am to 2pm on the US Bank Stage
Elektric Rodeo, 2:30pm to 5:30pm on the US Bank Stage
Jellybread, 6pm to 8:30pm on the US Bank Stage
Blue Oyster Cult (Rock), 7pm to 8:30pm on the Main Concert Stage

SEPTEMBER 5, 2011
Delta Cat, 11am to 2pm on the US Bank Stage
Jo Mama, 2:30pm to 5:30pm on the US Bank Stage
The Honeymoon (Americana), 7pm to 8:30pm on the Main Concert Stage

Parking will be made available for FREE around Victorian Square in Sparks.  However, it is extremely limited.  To prepare for the hundreds of thousands of visitors expected over the five day event, shuttle service to and from the rib cook-off will be available at Legends at Sparks Marina (1310 Scheels Dr) beginning at 5pm and ending at 10:30pm Wednesday through Friday and from 10:30am to 10:30pm on Saturday and Sunday.  So, please prepare accordingly.  Also, pets and all other non-service animals will not be allowed into the event.  So, please leave your furry and feathered friends at home.

Come out to the Best in the West Nugget Rib Cook-Off near Reno anytime from August 31-September 5, 2011.  It's a fun, family-oriented and FREE event for everyone to enjoy near Reno.

Charlene Hamilton, Certified Distressed Property Expert, Helping Reno Homeowners Avoid Foreclosure

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Reno-Sparks Homes and Real Estate

Summary:

• Our year-over-year number of home sales indicates more buyers and investors are realizing it is an opportune time to purchase a home versus a year ago. In a recent story by 'Business Insider', Reno was named as the 8th best housing market for the next five years. The data provided by Case Shiller Indexes projected an annual growth from 2011 to 2016 to be 9.3 percent.

Reno-Sparks Homes Median Sales Price

• July 2011 median price was down 2.2% to $150,000 compared to $153,400 in June 2011
• Median price is defined as the mid-point, where, for the time period indentified, the price for one-half of the sales are higher and one-half are lower.

Reno-Sparks Homes Price per Square Foot Solds

• Price per square foot is at $93.11

Reno-Sparks Homes Sold

• July ended the month with 494 sold transactions, down 7.5% from the prior month.
• Sales are up 18.8% from the same period last year. July 2010 continued to be influenced by the First Time Home Buyer tax credit.
• This month's sales are the fifth highest home sales for a July in the history of tracking the information through the MLS.

Average Days on Market

• The average days on market are 129 days, up 3.9% from June 2011.

Day on Market (DOM) by Special Conditions

• Short sales continue to influence the average days on market at 199 DOM
• Properties with no special conditions, REO, and Other show a range of between 91 and 110 DOM.

Reno-Sparks Homes New Listings

• 691 new listings were taken in July compared to 767 in June, a 9.9% decrease.

Distressed New Listings by Special Conditions

• 57% of new July listings were distressed, 236 Short Sales, 160 REO, 268 No special conditions, and 27 other.
• NNRMLS implemented a recent change in the reporting of Fannie Mae, Freddie Mac and HUD re-possed listings as Real Estate Owned (REO), July new listings by special conditions reflect a more accurate picture. REO listings represented 23% of the market; Short Sales 34%; No special conditions 39%, and Other less than 4%. A positive sign ~listings with no special conditions have increased steadily since December. The market remains dominated by distressed new listings representing 57% of the market.

Status of Pending

• Active Pening - Short Sales represent 58.3% of the total active pendings; Active Pending Loan equals 19.1%; Pending No-show represents 17.6%; Active Pending call 4.6% and Active Pending House less than 1%.

Reno-Sparks Homes Current Months Supply of Inventory (Unsold Inventory divided by Sales per Month)

• As of July 31, there was 6.9 months of unsold inventory based on the July sales rate.

Historical Months Supply of Inventory

• Historical Months Supply of Inventory show that July MSI is up to 6.9 months compared to June 2011 at 6.6 and down 23% from July 2010.
• In the past twelve months, there have been four months which have fallen into what is defined as a balanced market. In the past 24 months, the market has remained as primarily a buyer's market.
• The National Association of REALTORS® describes a balanced market as between 5 and 7 months supply.
• Unsold inventory includes Active Pendings. This method of reporting months supply of inventory follows the industry standard of including all pending sales remaining in active status in the active inventory.

Conclusion

• July home sales are fifth highest home sales for a July in the history of tracking the information through the MLS.
• Year-to-date 2011 homes sales (3233) numbers are outpacing 2010 unit sales (3142).
• July's median price of $150,000 was down 2.2% over June. There was some artificial stabilizing in the median price during the tax credit influenced period. After the final deadline of September 2010, we have seen a continued decline in the median price. Savvy buyers with stable jobs and investors are seeing this as an excellent time to buy a home.
• Despite the unsettled environment on Capitol Hill and Wall Street following the increase of the debt ceiling, interest rates are at record lows and are now predicted to remain low into 2013.
• The average 15 year fixed rate loan fell to 3.5%. This is the lowest level since 1991, when mortgage giant Freddie Mac began tracking it. Freddie Mac also reported that the 30 year fixed rate loan dropped to 4.32% the lowest it has been all year.
• To get the best rates, mortgage specialists say, consumers must have a minimum FICO credit score of 720 or 740 out of a possible 850. For even the most solid buyers who have had a hiccup in their credit, this may make qualifying a challenge.
• Case Schiller has name Reno as the 8th best housing market for the next five years. The data proided by Case Schiller indexes projected an annual growth from 2011 to 2016 to be 9.3 percent. Further, Case Schiller projected that after bottoming in the 3rd quarter of this year, the Reno market will bounce back with a 4.6 percent growth in 2012 and faster in the years to come. Positive news, but a stabilizing economy and improving job market are the long term keys to a housing market recovery.

Report courtesy of the Reno Sparks Association of REALTORS® with data provided by NNRMLS

To read the complete report with charts, graphs and 5 year history RSAR Market Report July 2011

To read the Reno-Sparks Homes and Real Estate Report for July 2011 and previous months and years.