November, 2007 - Sparks, NV Housing and Real Estate Market Trends

Posted by Mitch Argon / CalNeva Realty on Sunday, November 11th, 2007 at 7:35pm.

Sparks, NV Housing and Real Estate Market Trends - November, 2007

The information in this blog post will give you a feel for the current Sparks NV real estate market trends.

Sparks Median Home Price

The Sparks median home price for October, 2007 was $274,450.  This number is down 7% from October of 2006 and represents a median price level not seen since late in 2004. The Sparks median home price is also down close to 19% from two years ago in October.

Sparks Homes For Sale

There are approximately 905 homes for sale in Sparks.  Last November, 1,021 homes were listed - representing an 11% decline.  Compared to all local markets, Sparks is experiencing a more rapid decline in homes for sale - which is good if you are looking to sell.

Sparks Homes Sold

There were 72 Sparks homes sold in October, 2007.  This is down 34% from October, 2006 (109 homes sold). In October, 2005 there were 135 homes sold in Sparks - the two year decline for sales in October is about 47%.

Sparks - Buyer or Seller Market?

While the Sparks market still favors the Buyer at 10.1 months of inventory, it has less months of inventory than any other market in the region and will probably be the first market to return to a "balanced market" (the timing on this is hard to foresee but it will likely be at least 12-18 months from now).  As a reference, months of inventory for Sparks in November, 2006 was 9.1 months.

For More Information

For more information and charts on Sparks real estate trends, subscribe to The Greater Reno-Tahoe Real Estate Report, published monthly on this site. This blog post provides a quick narrative summary of the information contained in the report.

Mitch Argon
Broker - CalNeva Realty

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