Chance Gates' Blog

New Listings
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723 new listings were taken in May compared to 788 in April, an 8% decrease.
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The percentage of “Distressed” new listings was up slightly from April. 60% of new April listings were distressed – 294 Short
Sales, 150 Bank Owned/Other.
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Note: Beginning with the January 2010 report, properties reported as “Other” which includes “Freddie Mac’s and HUD’s” are
included with Bank Owned REO properties.
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Sold-to-asking-price Ratio
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May reported sales received an average of 97% of the seller’s asking price.
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Status of Pending
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Active Pending – short sale represents 66% of the total active pendings; Active Pending Loan equals 16%; Pending No-show
represents 13%; Active Pending call -4%; and Active Pending House -1%.
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Absorption Months Supply of Inventory (Unsold Inventory ÷ Sales per Month)
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As of May 31, there was 7.4 months of inventory based on the May sales rate.
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The National Association of REALTORS® describes a balanced market as between 5 and 7 months supply.
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Unsold inventory includes Active Pendings. This method of reporting months supply of inventory follows the industry standard
of including all pending sales in the active inventory. The calculation of month’s supply of inventory excluding Active Pendings
would bring the absorption down to 3.4 months supply of inventory.
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Conclusion
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May Median is holding at equal to May last year. This is the first time since 2005, the median price in a month has been equal
or higher year over year.
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Active inventory and pending total remain level with April and previous months.
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The number of new listings has declined month over month for the time since December 2009.
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On June 10, Sens. Harry Reid (D-NV) joined two other Senators to introduce an amendment to extend the closing dates for
homebuyers taking advantage of the tax credit. The amendment to the current tax package being considered in the Senate
would extend the closing date deadline from June 30 to September 30, 2010. There is growing concern that many home
purchases that took advantage of the tax credit will not close by the current deadline through no fault of the homebuyer. Stay
tuned to Reno/Sparks Association of REALTORS® Government Affairs Facebook page to get up to the date information.
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Data sourced from NNRMLS
Created by NLS under license for the RSAR
This report may be reproduced by RSAR Members.

The way I see things is as long as distressed properties continue to dominate the market the median sale price will be doing good to remain the same.

As a Reno/Sparks real estate professional, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog.  You can email me @  chance at ballard-company.com or http://www.myspace.com/chancegates