Yes, sales are up in the Sparks-Spanish Springs market this November over November 2007 by 35.7%. More homes are selling this year over last year because the prices have reached a point where homes are more affordable to many buyers. Our median price in the Sparks-Spanish Springs market has dropped 14.6% from the November 2007 median of $262,500 to the November 2008 median sales price of $224,000.
In November 2008 50% of the homes sold in the Sparks-Spanish Springs are were bank owned foreclosures and an additional 18.4% were short sales (pre-foreclosures.) That is over 2/3rds of the homes sold.
As of today there are currently 762 active listings in the Northern Nevada Regional MLS for the Sparks-Spanish Springs area. Of these active listings 27.9% are bank owned foreclosures and 24% are short sales. That is over half the market.
In addition, there are 228 pending sales in the Sparks-Spanish Springs market. Of those 40.7% are bank owned foreclosures and another 46.4% are short sales. Buyers are flocking to these properties as they present some very good deals in our market.
Where does the traditional seller fit into all this. Well over half of the active listings are traditional sellers, but only about 13% of the pending sales are traditional listings. Why aren't buyers purchasing the homes of these traditional sellers? In a word, PRICE. Traditional sellers aren't typically as motivated as banks or pre-foreclosure sellers.
So, yes home sales are up. Great news. Prices are more affordable for buyers - even better news. With interest rates currently in the 5.5% range NOW IS A GREAT TIME TO PURCHASE.
