Reno,Sparks & Carson Real Estate Market: What's happening?

About: A few questions came into mind  two days ago while I was browsing through some real estate stats at the office:  ' how is the real estate market of Reno,Sparks & Carson City compare to each other?'

And 'who is holding up best among the three major cities of Northern Nevada?'

Thank God for technology, it is not as hard as it used to to chase after these questions.  And chase I did.  It was enlightening. 

We will compare the LTM vs PTM:

LTM- last twelve months
PTM- previous twelve months

WIIFM (what's in it for me?): 

If you are like me I get confused by the countless opinions,facts and real estate tidbits out there.  I used to think that the Sparks Real Estate Market was experiencing a deeper correction than Reno.  Then I switched (with some data backing this belief).  Sparks real estate was in a better shape.  'Oh I don't know anymore.' 

But this new data I uncovered delivers hope.  Compared to my past attempts to differentiate the Reno,Carson and Sparks real estate markets this is by far more authoritative.  It is true what they say, 'we learn as we go'.

Highlight(s): 

• (March 2010) Prices is still taking a beating.  I wonder if this is caused by upper priced homes selling at discounted prices.  But everything else (volume,units, average days on the market) are doing good.
  

• (January 2010) The graphs looked remarkably different since I started two years ago--POSITIVE numbers on units and volume! Median prices is stronger than few years ago (though still going down).
  

• (August 2009) Sparks is leading the way.  More homes are sold in Sparks than in Reno and Carson.  Median prices are still falling due to mid to high end homes ($400,000 and up).
  

• (July 2009) Sparks number of homes sold is up by 50%.  Reno is up by almost 30%.  Homes are being sold!  While prices have yet to find a bottom.

• (June 2009) Home Prices in Reno, Sparks and Carso still down (3rd graph).  Even though demand for Reno and Sparks is going off the roof (low priced homes).

• (May 2009)  After a big improvement last month, demand (units sold) is up again (Reno: +4.42% / Sparks: + 1.8% / Carson: 1.21%).  Median price (though still going down) also improved (Reno:  1.04%  /  Sparks: 2.8% / Carson: .39%)

• (APRIL 2009) There's a shift happening.  You can see the graphs from last January so you can compare the difference from this month's numbers.  Median price is still going South, but volume and units and even prices are improving.

• Watch out for Sparks! Whew..out of no where Sparks looks poised to be the first city to find a bottom.

• Units and volume continue to inch their way up (a good sign) while median price continue to go down (not a good sign).  This does not necessarily mean that all price ranges are headed downhill.  There are stable markets out there that are showing strong median prices.

• Sparks home inventory increased by  2.76%, while Reno and Carson also experienced higher number of homes in the market.  This is a positive sign contrary to popular belief. 

•  Confident sellers play a vital role in a healthy market.  Wait 'till median prices catch up.  By simply looking at these factors (supply and demand,median price) rest assured you will have a huge edge in determining if the market has indeed bottomed.

Graph(s): 

Percent Growth- $ Volume

Percent Growth- # Units

Reno,Sparks & Carson Median Prices. (what is median price?):

• City of Reno
• City of Sparks
• City of Carson

Number of updates: 18'th
Updated: April 2010
Source: Multiple listing Service
Next Release Time:  May 17,2010 (every 18th of the month)
*Residential homes site/stick built