Pending status homes in the last 24 hours = 432 at an average $386K and a median $310K. Current number of single family homes offered for sale = 4805. Compare this to May's random pendings check at 486 for an average $414K and a median $325K with 4003 homes offered for sale. So in this moment, if these pendings close, we have an eleven-month supply of homes in our market, up from eight. Indeed this is the land of plenty.
These figures were pulled from the Northern Nevada MLS and do not include builder direct sales, for sale by owners or other private transfers. These are single family homes including condos, stick built and manufactured homes pulled from Area 100, the Reno-Sparks metro area. Active listings include actives, new, back on market, price raised and priced reduced. Pending classifications include pending no show, active pending call, active pending loan and active pending house. Pendings were pulled looking at a 24 hour period of time to provide a market snapshot of recent activity.
I'm wondering how many of these sellers that are listing really need to sell?? And if they are on the market just to capitalize on the rate of equity gain over the last few years.
My market in Arizona (in a small town, Kingman) is facing the same kind of situation that I see you are having in your market. I'm hoping that some of these sellers start to pull their listings off the market.
Nice blog, I'll check back in from time to time. I'm a former resident and graduate of Sparks High School (class 89). Good luck to you and your market.
Posted by: Todd Tarson | July 25, 2006 at 03:27 PM