Here is a look at what is happening in the Sparks-Spanish Springs market as of today, May 14, 2010. This data is from the Northern Nevada Regional MLS and is for residential stick built homes in these areas.
Active Listings - There are currently 411 active listings. The median list price for these listings is $194,900. The average days on market is 105 days. Of these active lisitngs, 57 are bank/corporate owned (13.86%), 194 are short sales (47.20%) and the balance are traditional sales.
Pending Listings - There are currently 607 pending listings. The median list price for these listings is $165,000. Average days on market for pending sales is 131 days. Of the pending sales 63 are bank owned (10.37%) and 449 are short sales (73.97%) and the balance are traditional sales.
Sold listings - So far in the second quarter of 2010 there have been 203 sales. The median list price for sold listings was $165,000 and the actual median sold price was $168,000. The average days on the market for sold listings was 138 days. Of the sold listings 60 were bank owned (29.55%) and 70 were short sales (34.48%) with the balance (35.96%) were traditional sales.
Looking at these statistics, we have a relatively low inventory. Of the available inventory almost 50% is short sales. Buyers have to be prepared to deal with long waits if considering this half of the market. The amount of pending inventory is very high, and with 73.47% of the pending sales being short sales we could see some time before these sales close. Many buyers that are waiting on these sales are hoping to close by June 30th for the tax credit and it will be interesting to see how many can actually close by that date given the track record banks have closing these.
Short sales are out pacing the bank owned sales so far in the second quarter. One would think this indicates an improvement in the short sale process, but I think it stems from lower bank owned inventory and over priced traditional sales. Again, it will be interesting to see how the quarter finishes out at the end of June with buyers rushing to close for the tax credit.
