Sparks, NV

Reno and Sparks Bank Owned Condos

Freddie Mac is offering eligible buyers up to $1,500 for condominium association dues.

The government sponsored enterprise said the incentive is for condos available through its HomeSteps unit, on the market for at least 120 days and sold to owner-occupants.

Buyers can apply for Freddie's Condo Cash offer between Monday, August 15, and November 15, and must close escrow before December 30, 2011.

The government sponsored enterprise (GSE) offers a two year limited home warranty covering electrical, plumbing, air conditiioning, heating and other major systems. Freddie Mac also extends discounts of up to 30% on appliances for a new buyer.

In May, Freddie began offering a 3.5% buyers closing cost assistance, as a way to help drive sales higher through the summer selling season. To receive the closing cost credit owner occupant buyers must close escrow by September 30, 2011.

The promotions are part of Freddie Mac's real estate sales division, HomeSteps.

Looking for a condo in Reno or Sparks? Here you can search for bank owned only condos in Reno and here is Sparks bank owned only condos.

If you have any questions, or need additional information, please contact me sandra@SoldOnFernley.com

Home sales in the Reno-Sparks area have remained strong for the first six months of this year!

Reno-Sparks Median Home Price

• June 2011 median price was down 1.6% to $152,400 compared to $150,000 in May 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 Home Price Per Square Foot Solds

• Price per square foot is at $92.36.

Reno-Sparks Homes Sold

• June ended the month with 522 sold transactions, up 3.6% from the prior month.
• Sales were down 13.6% from the same period last year, which continued to be influenced by the First Time Home Buyer tax credit.
• This month's sales were only exceeded by June 2004 (532 homes sold), June 2005 (702 homes sold), which occurred during the real estate boom; and June 2010 (604) which was influenced by the tax credit.

Reno-Sparks Average Days on Market

• The average days on market are 124 days, down 7.1% from May 2011.

Days on Market (DOM) by Special Conditions

• Short sales continue to influence the average days on market with over 209 DOM.
• Properties with no special conditions, REO, or Other show a range of between 79 and 105 DOM.

Reno-Sparks Homes New Listings

• 764 new listings were taken in June compared to 792 in May, a 3.5% decrease.

Distressed New Listings by Special Conditions

• The percentage of "Distressed" new listings remained the same as the prior month.
• 60% of new June listings were distressed - 252 Short Sales, 190 Bank Owned/Other.
• Note: Properties reported as "Other" which includes "Fannie Mae's, Freddie Mac's and HUD's" are included with Bank Owned REO properties.

Status of Pending

• Active Pending - Short Sales represent 57.5% of the total active pendings; Active Pending Loan equals 18.3%; Pending No-show represents 18.7%; Active Pending call 5.3%; and Active Pending House less than 1%.

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

• As of June 30, there was 6.6 months of unsold inventory based on the June sales rate.

Historical Months Supply of Inventory

• Historical Months Supply of Inventory show that June MSI is down to 6.6 months compared to May 2011 at 7.0 and up slightly from June 2010.
• In the past twelve months, there have been five 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

• June comes in as the fourth highest June sales month in history. It is outperformed only by June 2004, and June 2005, the boom years, and June 2010 which was influenced by tax credits. The market continues to perform at strong levels. This can be attributed to the current affordability levels and continued low mortgage interest rates.
• Year-to-date 2011 homes sales (2723) numbers are at a pace with 2010 home sales (2726).
• In June, the "Bank-owned" sales category held the dominant share of the market with 41% of the closings.
• June's median home price of $152.400 was up 1.6% over May. Remember that June 2010 was the first deadline to close in order to qualify for the 2010 tax credits. That deadline was extended to September 2010. There was some artificial stabilizing in the median price during the tax credit influenced period. After the final deadline of September, we have seen a continued settling in the median price.
• A recovery of the housing market may mean a return of home values keeping pace with inflation. The median home sales price will continue to be influenced by the volume of sales at the lower end of the market.
• Some National economists and talking heads report a "glut of inventory" in some markets which is predicted to drive prices down. The Reno absorption levels show an overall balanced market. In the under $300,000 price range there is inventory of 5.8 to 6.8 month's supply and in excess of 8 month's supply of inventory in the over $300,000 price range.
• Distressed new listings (short sales and bank-owned) remained about the same at 60% of the mix in June. The continuation of new distressed listings coming on the market is evidence that we are working through the inventory of distressed properties.
• The unemployment picture is improving, but still remains the key to closing the valve on the supply of new distressed listings entering the market and instilling buyer confidence. May 2011 unemployment figures for Washoe County were at 11.8%, down from May 2010 at 14.1%, a 16% drop in the year-over-year unemployment numbers for Washoe County.
• Mortgage rates remain at historic lows, up a little from the all-time lows of earlier in 2010 but still very favorable. Experts are predicting that rates will move up before year end. For those with stable jobs and who expect to stay in their long-term, it's an excellent time to buy.

Data courtesy of Reno/Sparks Association of REALTORS® and Northern Nevada Regional MLS.

To read the entire report complete with graphs, charts and five year history RSAR Market Report June 2011

If you would like to read the Reno-Sparks Homes and Real Estate Report May 2011 and other reports for past years.

Sparks Condo For Sale in Wingfield Springs ~ Golf Couse Location!

3 bedroom / 2 full bathroom / 1 car garage

$99,000 / $217 monthly HOA Dues

Sparks Nevada Condo for sale with FHA financing available. Ground floor unit, corner with mountains views. Built in 2002, annual taxes approximately $1,500. Tile counters, upgraded cabinets, ceiling fans, fire place, pool, club house. Great price and a great Wingfield Springs location.

Complete listing information with details and photos can be found right here:

Sparks Nevada Condo For Sale ~ Wingfield Springs

Search All Sparks and Reno listings

Sparks Nevada Condo For Sale 3 Bedroom / 2 Bath / 1 Car Garage

New Construction Single Family Homes Now Selling in Sparks, Nevada

The Cottages at Kiley Ranch!!!

Located on the Links golf course in the master planned community of Kiley Ranch in Sparks, Nevada, the Cottages is a private gated community with beautifully maintained common areas.

The Cottages at Kiley Ranch offers three two story home plans and three single story home plans. The very innovative and attractive designs is sure to please any active family or lifestyle. Here a just a few of the features and ameneties you will find in one of these newly constructed homes:

•· Two And Three bedroom Homes

•· Designer Kitchens

•· Granite Monolithic Counter-tops

•· 2x6 Exterior Wall Construction

•· Over-sized 2-car garage

•· Fully landscaped with auto sprinkler

•· Fenced yard

•· Low Maintenance Exteriors

•· Seller financing available

These inspiring homes are now selling in the high $190,000s, putting them within reach of the first-time home buyer and those looking for a second home. A single family home listed for sale in our regional multiple listings service has additional details. View it right here:

Single Family Home at the Cottages at Kiley Ranch For Sale

You can locate the Cottages at Kiley Ranch by taking the Sparks Blvd. Exit off of Interstate 80 in Sparks, Nevada. A convenient location with easy freeway access, close to shopping, schools and recreation. The Spanish Springs Library and the Lazy 5 Regional Park are both located a few miles north! Both are great places to read, picnic, and hang out with then entire family.

If you are interested in learning more about this area in Sparks, Nevada or would like to take a tour of the homes available at Kiley Ranch, please give me call to set up an appointment. 775-846-5424. A complete list of homes for sale in Sparks, Nevada is a great way to start any home search. Let me know if I can help you get started!

Sparks Nevada New Construction Homes For Sale ~ Cottages At Kiley Ranch

Wingfield Springs Single Family Home For Sale

5 / 2.5 / 3

Beautiful custom home in Sparks, Nevada for sale. Located in the Spanish Springs East neighborhood of Wignfield Springs, this stunning home has a custom designed kitchen, vaulted ceilings and the master suite is located on the main floor.

Situated on a cul-de-sac street, this Wingfield Springs home is perfect for any size family but if you are looking for a 4+ bedroom home this one is for you. Game room, large patio and den make this home a must see.

See additional photos and check out all the details here:

Wingfield Springs Single Family Home For Sale

Search for all Single Family homes for sale in Sparks, Nevada ~ Updated daily!

Wingfield Springs Cul-De-Sac Home For Sale in Sparks, NV