Sparks, NV Real Estate - Update for December, 2007
This post provides some narrative insights into the Sparks Nevada real estate market. If you are interested in tracking the market, subscribe to The Greater Reno-Tahoe Real Estate Report, a free, monthly e-report showing charts and graphs of key Sparks real estate market trends and statistics. Please note: this post contains information for homes sold in November, 2007 and inventory levels in December, 2007.
Sparks Median Home Price
The Sparks median home price for November, 2007 was $263,000. This is down 11% from the Sparks median home price in November of 2006. This median price represents a "fall back" to Sparks median prices from 2004. In fact, the Sparks median home price for 2004 (the entire year) was $263,000. I think the Sparks real estate market will be the first to 'bottom out' and start back up - the timing of this event is much more difficult to determine with the increasing bank foreclosure activities on the horizon.
Sparks Homes For Sale
There are approximately 823 homes for sale in Sparks in December, 2007. Last December there were 956 homes listed - this is a 14% decrease. Again, this decreasing inventory level (compared to the same period one year earlier) shows signs of an "improving market".
Sparks Homes Sold
There were 56 Sparks homes sold in November, 2007. This is down 26% from November, 2006 and is the lowest "transaction volume" for Sparks since pre-2005.
Sparks Real Estate - Buyer or Seller Market?
The Sparks real estate market is still a solid Buyer's Market with months of inventory at 9.7 months but, at this number, Sparks represents the local market that will lead the way to bottoming and recovery (consider months of inventory for other markets - see related posts).
Broker - CalNeva Realty