Northern Nevada Home Sold Statistics - May, 2008
Recent Sold Homes
I am posting up a summary of real estate sold data for all real estate listings in the Northern Nevada Regional MLS (single family, condo, and manufactured homes only) for May, 2008.
This information should be useful for anyone tracking the real estate market as a buyer or seller because it paints a comprehensive picture of how much negotiation is taking place in the current northern nevada real estate market.
Northern Nevada Homes Sold Statistics - May, 2008
| City/Town | Homes Sold | Low(*) | High(*) | Average(*) |
| Reno | 226 | 75% | 116% | 95% |
| Sparks | 101 | 87% | 106% | 97% |
| Lake Tahoe | 10 | 86% | 100% | 94% |
| Carson City | 41 | 80% | 102% | 96% |
| Minden | 13 | 89% | 100% | 97% |
| Gardnerville | 18 | 93% | 108% | 99% |
| Dayton | 24 | 91% | 103% | 97% |
| Fernley | 25 | 36% | 108% | 95% |
(*) - This percentage is computed by dividing the 'sold price' by the 'list price'. For example, a home listed at $100,000 that sold for $95,000 would equal 95%.
Foreclosure, Short Sale, "Normal" Comparisons - May, 2008
I get asked by people all the time: "I hear I can get a bank foreclosure for 30% less than the asking price, can you help me find one?". At this time, I need to explain to the prospective buyer that these 'deals' don't really exist. The table below will show you the break out comparisons between foreclosure, short sale, and normal market resales. Again, the low, average, and high percentage is computed by dividing the 'sold price' by the 'list price'. For example, a home listed at $100,000 that sold for $95,000 would equal 95%.
The table below is for all residential listings from the Northern Nevada Regional MLS during May, 2008. DOM = Average Days on MLS (market). The % numbers under the ranges (e.g. 90-99%) indicate the number of homes in that category (foreclosure, short, normal) were sold as a percentage of the total homes sold (in that category); yes - that's right 43% of the bank foreclosure homes sold for the "list price" or higher in May, 2008.
| DOM | Low | Avg | High | <=89% | 90-99% | 100%+ | # Sold | |
| Bank Owned | 89 | 83% | 98% | 108% | 7 | 64 | 53 | 124 |
| 6% | 52% | 43% | ||||||
| Short Sale | 146 | 70% | 96% | 102% | 1 | 15 | 11 | 27 |
| 4% | 56% | 41% | ||||||
| All Other | 157 | 36% | 95% | 116% | 42 | 224 | 87 | 353 |
| 12% | 63% | 25% |
Have any questions? Please feel free to ask away here. I'll respond publicly for the benefit of other readers.
Date: Wednesday, June, 4th 2008 @ 06:25:13 PMViews: 1424
This blog entry currently has 3 comments posted.
Andy
You say that finding a bargin is difficult within the foreclosure market. I am looking at a foreclosed property that it's DOM is 330+. AND it needs work to bring it back to living condition. I am thinking about offering 60% of current selling price, what do you think my chances are?
mitch
Andy - my point is that some people have the PERCEPTION that a bargain is only when the seller (bank) makes MAJOR concessions on price. Other people understand that the bank may price the home low (as much as 25-30% below appraised value) and are happy paying at or very close to the list price realizing that they are, in fact, getting a bargain. At 60% of list price, you are discounted 40% - this is betwen 8 and 20 times lower than the recent average for REO homes - you will likely get a counter offer or a rejection. If you need help preparing this, please feel free to call on me.
One Ford Road
I like what you have to say about short sale.
Amanda