Sparks NV Real Estate - Market Update - March, 2008

Posted by Mitch Argon / CalNeva Realty on Tuesday, March 11th, 2008 at 8:29pm.

Sparks, NV Real Estate Market - At a Glance - March, 2008

If this is your first time on this blog, Welcome. If you've read these market report posts before, let me know what you think of the new format. Please note: this post contains information for the period from October, 2007 to homes sold in February, 2008 and inventory levels in March, 2008.

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Sparks Real Estate Market Data

Note: all % changes are from the same period one year ago. Column headings - "Month - Year".

 

Sparks Real Estate O - 07 N - 07 D - 07 J - 08 F - 08 M - 08
Home Inventory 944 905 823 760 790 817
Inventory Change: -17% -11% -14% -8% -9% -11%
Homes Sold 72 56 57 49 52  
Homes Sold Change: -34% -26% -22% -21% -20%  
Median Price (Thousands) $ 274 $ 263 $ 255 $ 260 $ 265  
Median Price Change: -7% -11% -15% -9% -7%  
Months Inventory 10.1 10.1 9.7 9.1 9.7 10.1
Mo Inv Change (annual) 4% 10% 8% 15% 13% 11%

What does this mean?

Even with the relatively high number of foreclosures occuring in Sparks and the number of new homes recently built - both of which add to inventory levels,the Sparks market has better fundamentals for a home seller than any other market in the region and I predict will be the first market to hit bottom and stabilize - based on the trends over the last year or so.

That being said, the market is still very good for home buyers. If you are buying, you don't need to get a ridiculous deal (that would be low...) but you should stay focused on the numbers and disciplined to ensure you are buying below market at a percentage you fell comfortable with because there is still downward pressure on pricing.

Related Links of Interest

If you have any questions about buying or selling in this market, give me a call at 775-315-4424.

Mitch Argon
Broker - CalNeva Realty

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