Market Report Commentary

Summary
– “November sales are up 22% over last year and year-to-date unit sales have exceeded 2010 by 10%,” said Kevin Sigstad,
2011 president-elect of the Reno/Sparks Association of REALTORS and a REALTOR with Re/Max Premier Properties. “We have also seen relative stable prices for the past seven months. These are positive indicators for the residential housing market.”

Median Sales Price
– November 2011 median price was up less than 1% to $149,506 compared to $149,000 in October 2011.
– Median price is defined as the mid-point, where, for the time period identified, the price for one-half of the sales are higher and
one-half are lower.

Price per Square Foot Solds
– Price per square foot is at $88.30.
– Price per square foot by area groups, as provided in the Detailed Report, is a good way to compare similar homes for current
value.

Number of Units Sold
– November ended the month with 488 sold transactions, down 1% from the prior month.
– Sales are up 22.3% from the same period last year. November 2011 is the second month of comparing year-over-year figures
without the influence of tax incentives.

Average Days on Market
– The average days on market are 146 days, slightly down from October 2011.

Days on Market (DOM) by Special Conditions
– Short sales continue to influence the average days on market at 222 DOM.
– Properties with no special conditions, and Other are comparatively close at 117 and 113 DOM respectively.
– REO properties average days on market remain level at 96.

New Listings
– 499 new listings were taken in November compared to 516 in October, a 3.3% decrease and an 8% decrease from November
2010.

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As a Reno/Sparks Nevada real estate professional and property manager, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com http://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  To checkout some of  my property manager services goto http://chancegates.com/property-management-services/

If you are behind on your house payment and looking for a loan modification, go to making homes affordable

If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

From the Reno/Sparks Association of Realtors

Greater Reno/Sparks Area 100

Status of Pending

– Active Pending – Short Sales represent 61.2% of the total active pendings; Active Pending Loan equals 17.7%; Pending No-show

represents 16.2%; Active Pending call 4.5%; and Active Pending House less than 1%.

Current Months Supply of Inventory (Unsold Inventory ÷ Sales per Month)

– As of October 30, there was 6.5 months of unsold inventory based on the October sales rate.

Historical Months Supply of Inventory

– Historical Months Supply of Inventory show that October MSI is down to 6.5 months compared to September 2011 at 6, and down 25% from

October 2010.

– Eight of the past twelve months, the market has been what is defined as balanced. In the past 24 months, the market has remained as

primarily a buyer’s market.

– The National Association of REALTORS® describes a balanced market as between 5 and 7 months supply.

– Unsold inventory includes Active Pendings. This method of reporting months supply of inventory follows the industry standard of including

all pending sales remaining in active status in the active inventory.

Conclusion

– October unit sales at 483 are the fourth highest unit sales for a October in history. This number outpaces October 2010 sales by 15%.

October 2010 was the final month of the tax- incentivized period. This is the first month where the year-over-year comparison is not

influenced by the tax credit incentives. Going forward, we will be comparing the year-over-year sales period without the artificial influence of

a tax credit.

– Year-to-date 2011 unit sales (4,862) numbers are up 8% over 2010 unit sales (4,478). We are optimistic that the sales number will outpace

2010.

– October’s median price of $148,500 was down less than 1% from September. The median price has traded in the 4% range for the past six

months. Sales at under $150,000 represented 50% of the total sales for the month. With this trend, it’s understandable why there is

downward pressure on the median price.

– Freddie Mac reported that the 30-year fixed rate loan dropped to 4.07%, compared to 4.11% last month. This is the lowest rate reported

since Freddie Mac began tracking rates in 1971. Sources report that mortgage interest rates should gradually rise from today’s record lows

and reach 4.5 percent by the middle of 2012.

– A qualified homebuyer purchasing a home priced at $150,000 with a 3 ½% down payment, at 4.07% interest rate will have a monthly

payment of approximately $700.00 principal and interest.

– According to Lawrence Yun, NAR Chief Economist, “Housing affordability conditions, based on the relationship between median home

prices, mortgage interest rates, and median family income, have been at a record high this year. Very favorable affordability conditions will

dominate next year as well, which will probably be the second best year on record dating back to 1970. If credit restrictions ease, there is

optimism that it will open the door for more home buyers to take advantage of current opportunities.”

– We continue to monitor the impact on the market due to recent passage of Nevada law requiring more stringent documentation required of

banks in order to perform foreclosures in a timely manner. We may not see any impact on inventory levels as a result of the stringent

requirements on the banks until December. If the banks are able to adapt to the new requirements, we anticipate sales activity will keep

pace with inventory coming on the market.

Members of the Reno/Sparks Association of REALTORS® are authorized to reproduce

and redistribute this copyrighted report. No other reprint or distribution of this report is

granted unless specifically approved in writing by the Reno/Sparks Association of

Realtors, 5650 Riggins Court, Reno, NV 89502 or email to info@rsar.net.

Data Sourced from NNRMLS. Created by NLS under license for RSAR.

Mark your favorite properties and get instant updates price changes,  new pictures and status changes.

As a Reno/Sparks Nevada real estate professional and property manager, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com http://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  To checkout some of  my property manager services goto http://chancegates.com/property-management-services/

If you are behind on your house payment and looking for a loan modification, go to making homes affordable

If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

In a welcome sign of strength, existing home sales rose 7.7% in August to a seasonally adjusted annual rate of 5.03 million units from an upwardly revised 4.67 million units in July. The inventory of unsold homes on the market decreased to 3.577 million, an 8.5-month supply at the current sales pace, down from a 9.5-month supply in July.

The National Association of Home Builders/Wells Fargo monthly housing market index fell one point in September to 14. An index reading below 50 indicates negative sentiment about the housing market.

Retail sales fell 1.2% for the week ending September 17, according to the ICSC-Goldman Sachs index. On a year-over-year basis, retailers saw sales increase 3.4%.

The combined construction of new single-family homes and apartments in August fell 5% to a seasonally adjusted annual rate of 571,000 units. Single-family starts decreased 1.4%. Multifamily starts fell 13.5%. Applications for new building permits, seen as an indicator of future activity, rose 3.2% to an annual rate of 620,000 units.

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending September 16 rose 0.6%. Refinancing applications increased 2.2%. Purchase volume fell 4.7%.

The index of leading economic indicators — designed to forecast economic activity in the next three to six months — rose 0.3% in August, following a 0.5% increase in July.

Initial claims for unemployment benefits fell by 9,000 to 423,000 for the week ending September 17. Continuing claims for the week ending September 10 fell by 28,000 to 3.7 million.

Upcoming on the economic calendar are reports on new home sales on September 26, the housing price index on September 27 and pending home sales on September 29.

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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. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.comhttp://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my report   “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or   to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

Image via Wikipedia

 Summary:
– “Washoe County sales are the highest they have been for an August since August 2005,” said Sherrie Cartinella,
2011 president of the Reno/Sparks Association of REALTORS and a REALTOR with Coldwell Banker Select Real
Estate. “This paired with the fact that median sales prices are up and continue to settle indicates we just may be at
the bottom. Market conditions, of course, will continue to be influenced by high unemployment . Although there
are media reports of a ‘double dip’ recession, the current median sales price and historic low interest rates make
this a good time to buy, especially for those that have been on the fence!”
 Median Sales Price
– August 2011 median price was up 2.7% to $154,000 compared to $150,000 in August 2011.
– Median price is defined as the mid-point, where, for the time period identified, the price for one-half of the sales are
higher and one-half are lower.
 Price per Square Foot Solds
– Price per square foot is at $94.14.
– Price per square foot by area groups, as provided in the Detailed Report, is a good way to compare similar homes
for current value.
 Number of Units Sold
– August ended the month with 528 sold transactions, up 4.3% from the prior month.
– Sales are up 17.3% from the same period last year. August 2010 continued to be influenced by the First Time
Home Buyer tax credit.
 Average Days on Market
– The average days on market are 127 days, down 0.7% from July 2011.
 Day on Market (DOM) by Special Conditions
– Short sales continue to influence the average days on market at 198 DOM.
– Properties with no special conditions, REO, and Other show a range of between 89 and 100 DOM.
 New Listings
– 727 new listings were taken in August compared to 699 in August, a 4% increase.
 Distressed New Listings by Special Conditions
– 66% of new August listings were distressed – 263 Short Sales, 218 REO, No special conditions 236 and other 10.
– NNRMLS implemented a recent change in the reporting of Fannie Mae, Freddie Mac and HUD re-possessed
listings as Real Estate Owned (REO), August new listings by special conditions reflect a more accurate picture.
– REO listings represented 30% of the market; Short Sales 36%; No special conditions 32.5%, and Other 1%. The
market remains dominated by distressed new listings representing 66% of the market

 Status of Pending
– Active Pending – Short Sales represent 57.7% of the total active pendings; Active Pending Loan equals 19.3%; Pending Noshow
represents 18.2%; Active Pending call 4.5%; and Active Pending House less than 1%.
 Current Months Supply of Inventory (Unsold Inventory ÷ Sales per Month)
– As of August 31, there was 6.4 months of unsold inventory based on the August sales rate.
 Historical Months Supply of Inventory
– Historical Months Supply of Inventory show that August MSI is down to 6.4 months compared to August 2011 at 6.6 and down
24% from August 2010.
– Six of the past twelve months, the market has been what is defined as balanced. In the past 24 months, the market has
remained as primarily a buyer’s market.
– The National Association of REALTORS® describes a balanced market as between 5 and 7 months supply.
– Unsold inventory includes Active Pendings. This method of reporting months supply of inventory follows the industry standard
of including all pending sales remaining in active status in the active inventory.
 Conclusion
– August unit sales are the second highest unit sales for an August in the history of tracking the information though the MLS.
This number outpaces August 2010 sales which continued to be influenced by the tax credit. August 2011 sales numbers are
only outperformed by August 2005 (595).
– August 2005 showed the early sign of the collapse of the boom when median sales price began its decline. Unit sales began
to improve in 2007. It wasn’t until May 2008 the rapid decline in pricing began to show into what we are currently seeing in the
market.
– Year-to-date 2011 unit sales (3774) numbers are up 5% over 2010 unit sales (3592). We are cautiously optimistic that the
sales number will continue to perform on its own (without government incentives) and outpace 2010.
– August’s median price of $154,000 was up 2.7% over July. There was some artificial stabilizing in the median price during the
tax credit influenced period. After the final deadline of September 2010, we have seen a continued decline in the median
price. Savvy buyers with stable jobs and investors are seeing this as an excellent time to buy. It’s time to get off the fence.
– For the past 40 years, interest rates have never been at the current record lows and are predicted to remain low into 2013.
– The average 15-year fixed rate loan dropped to 3.3%. This is the lowest level since 1991, when mortgage giant Freddie Mac
began tracking it. Freddie Mac also reported that the 30-year fixed rate loan dropped to 4.09%, a new low for 2011.
– Mortgage specialists say to get the best rates consumers must have a minimum FICO credit score of 720 or 740 out of a
possible 850. A tough challenge for even the most qualified buyers.
– The Detailed Report is made available to members as a member benefit. Examine the Detailed Report for a more in-depth
look into market segments and price points. Both this report and the Detailed Report are provided as a value added service to
members.

Members of the Reno/Sparks Association of REALTORS® are authorized to reproduce
and redistribute this copyrighted report. No other reprint or distribution of this report is
granted unless specifically approved in writing by the Reno/Sparks Association of
Realtors, 5650 Riggins Court, Reno, NV 89502 or email to info@rsar.net.
Data Sourced from NNRMLS. Created by NLS under license for RSAR.

Mark your favorite properties and get instant updates price changes,  new pictures and status changes.

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. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.comhttp://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my report   “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or   to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

Thanks to my friends at Prospect Mortgage http://www.myprospectmortgage.com/yfoster/

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending September 9 rose 6.3%. Refinancing applications increased 6%. Purchase volume rose 7%.

The producer price index, which tracks wholesale price inflation, was unchanged in August after a 0.2% increase in July. For the year, seasonally adjusted wholesale prices are up 6.5%. Core prices — excluding food and fuel — rose 0.1% in August.

Retail sales were unchanged in August after a downwardly revised 0.3% increase in July. On a year-over-year basis, retail sales rose 7.2%.

Total business inventories rose 0.4% in July to $1.526 trillion, up 10.6% from a year ago. Total business sales increased 0.7% to $1.197 trillion in July, up 12% from a year ago. The total business inventories/sales ratio in July was 1.27.

Consumer prices rose a seasonally adjusted 0.4% in August, following a 0.5% increase in July. For the year, seasonally adjusted consumer prices are up 3.8%.

Industrial production at the nation’s factories, mines and utilities rose 0.2% in August. Compared to a year ago, industrial production is up 3.4%. Capacity utilization rose to 77.4% in August from a revised 77.3% in July.

The Reuters/University of Michigan consumer sentiment index for September’s preliminary reading rose to 57.8 from 55.7 in August. The August reading had been the lowest level since 55.3 set in November 2008.

Initial claims for unemployment benefits rose by 11,000 to 428,000 for the week ending September 10. Continuing claims for the week ending September 3 fell by 12,000 to 3.7 million.

Mark your favorite properties and get instant updates price changes,  new pictures and status changes.

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. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.comhttp://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my report   “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or   to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

http://www.realtor.org/rmodaily.nsf/f3c66d0c6457c1e1862570af000cb13b/c615c2ff2b23951c862578c4004f1789?OpenDocument&cid=WR07062011:22822&ed_rid=1698691

How much a home buyer should have a for a down payment on a home has been up for dispute among policymakers. Some recent federal regulators and lawmakers calling for a 20 percent or 10 percent down payment in order for mortgages to be considered a “qualified residential mortgage” and not subjected to extra fees.

However, such stringent down payment requirements could price many home owners out of the housing market, argues a growing number of consumer housing advocates. (Read more about the National Association of REALTORS®’ stance).

In fact, for many creditworthy home buyers in occupations that don’t boast high median salaries, they might have to wait a decade or even longer to meet the down payment rule.

The Center for Responsible Lending, which has argued that 10 percent or 20 percent down payment requirements are too high, has a chart on its Web site boasting the length of time it would take borrowers of different occupations to save enough for a 10 percent down payment on a 2010 median-priced $172,900 home.

▪ U.S. Army Staff Sergeant: 16 years (median salary: $30,176)
▪ Public school teacher: Nearly 15 years (median salary: $33,530)
▪ Firefighter: 10 years (median salary: $47,730)
▪ Police officer: Nearly 9 years (median salary: $55,620)

“We’re not advocating for zero percent down,” Kathleen Day, spokesperson for the Center for Responsible Lending, told The New York Times. “We think down payments are good. But we think the market should set them, based on the underwriting.” (That is, based on the borrower’s credit history and income and debt levels.)

The down payment proposal comes as part of new rules for mortgage lenders in the Dodd-Frank law. Federal agencies are trying to set criteria for what should be considered a reasonably safe mortgage or QRM. Lenders issuing a QRM will be able to sell the loan to an investor and avoid retaining any of the risk. However, lenders will consider non-QRMs more risky since they’ll have to retain a 5 percent ownership. (Loans insured by the Federal Housing Agency would be exempt.) For borrowers who are unable to meet QRM, they would have to pay more for their loans because lenders would have to boost interest rates on their loans to cover the extra costs.

What You Can Do

Lawmakers have extended the public comment on the new down payment rules to Aug. 1. The REALTOR® Action Center has issued a call for real estate professionals to help ensure their clients have access to affordable mortgages. To send a letter to your state lawmakers, visit REALTOR.org.

Mark your favorite properties and get instant updates price changes,  new pictures and status changes.

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. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.comhttp://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my report   “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or   to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney

Status of Pending
– Active Pending – Short Sales represent 58% of the total active pendings; Active Pending Loan equals 18%;
Pending No-show represents 18%; Active Pending call 5%; and Active Pending House less than 1%.

Absorption Months Supply of Inventory (Unsold Inventory ÷ Sales per Month)
– As of May 31, there was 6.8 months of unsold inventory based on the May sales rate.

Historical Months Supply of Inventory
– Historical Months Supply of Inventory show that May MSI is down 1.2 months from April and May 2010.
– In the past twelve months, there have been five months which have fallen into what is defined as a balanced
market. In the past 24 months, the market has remained as primarily a buyer’s market.
– The National Association of REALTORS® describes a balanced market as between 5 and 7 months supply.
– Unsold inventory includes Active Pendings. This method of reporting months supply of inventory follows the
industry standard of including all pending sales remaining in active status in the active inventory

Conclusion
– May 2011 median home price of $149,700 is the lowest the Reno area has seen since 2000.
– May 2011 closed sales numbers set a near record as being the second best May for single family sales number in
history.
– Year-to-date 2011 unit sales numbers continue to out-perform 2010 unit sales by 2%.
– In May, the “Bank-owned” sales category held the dominant share of the market with 40% of the closings.
– The affordability door is open to a wider range of buyers. This means that a two-income, household earning
approximately $10 per hour each, can now afford the median priced home in the Reno/Sparks area.
– Mortgage rates are at historic lows. Rates are predicted to move up before year end. For those with stable jobs
and who expect to stay in their home long-term, it’s an excellent time to buy.
– The number one market requirement for Nevada is jobs!
– For buyers, it’s buyer confidence and credit worthiness to qualify for financing under stricter underwriting
guidelines.
– At current median prices, the dream of homeownership has never been more affordable.
– The Detailed Report is made available to members as a member benefit.

Members of the Reno/Sparks Association of REALTORS® are authorized to reproduce
and redistribute this copyrighted report. No other reprint or distribution of this report is
granted unless specifically approved in writing by the Reno/Sparks Association of
Realtors, 5650 Riggins Court, Reno, NV 89502 or email to info@rsar.net.
Data Sourced from NNRMLS. Created by NLS under license for RSAR.

Mark your favorite properties and get instant updates price changes,  new pictures and status changes.

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. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.comhttp://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my report   “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or   to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney

http://www.realtor.org

On May 18, 2011, the Treasury Department released an update to the Making Home Affordable Program (MHA) that becomes effective September 1, 2011. The update directs participating servicers with a participation cap of $75,000,000 or more to establish and implement a process through which borrowers that are potentially eligible for HAMP, Home Affordable Unemployment Program (UP) or Home Affordable Foreclosure Alternatives Program (HAFA) are assigned a relationship manager. The relationship manager will serve as the homeowner’s single point of contact and will promote compliance with MHA program requirements and timelines between all parties until all available home retention and non-foreclosure liquidation options have been exhausted. No later than the effective date of this Supplemental Directive, the servicer must assign a relationship manager to a delinquent borrower or a borrower who requests consideration under imminent default immediately upon the successful contact with the homeowner and the determination that the servicer will consider the homeowner for HAMP, UP or HAFA. Relationship managers must provide written notice to the borrower within five business days of the assignment, which must include a toll-free telephone number and at least one other method by which the borrower may directly contact the relationship manager, as well as the preferred means by which documents should be delivered by the borrower to the servicer. This update does not apply to loans owned or guaranteed by Fannie Mae or Freddie Mac.

Additional information on the MHA updates can be found in Supplemental Directive 11-04.

Making Home Affordable Supplemental Directive 11-04

Logging in allows you to save your favorite properties and get instant updates price changes,  new pictures and open houses on the property.

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. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.comhttp://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my report   “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or   to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney

Market Report Commentary

Absorption Months Supply of Inventory (Unsold Inventory ÷ Sales per Month)
– As of April 30th, there was 7.8 months of unsold inventory based on the April sales rate.
– Historical Months Supply of Inventory show that April MSI is up 1.4 months from March and up one month from
April 2010.
– In the past twelve months, there have been four months which have fallen into what is defined as a balanced
market. In the past 24 months, the market has remained as primarily a buyer’s market.
– The National Association of REALTORS® describes a balanced market as between 5 and 7 months supply.
– Unsold inventory includes Active Pendings. This method of reporting months supply of inventory follows the
industry standard of including all pending sales remaining in active status in the active inventory

Conclusion
– We continue to compare this April, with the market performing on its own, to last April’s Median Sales Price which
was influenced by the First Time Homebuyer tax credit. Looking at the period mid-2005 through March 2009, it’s
encouraging that we have not seen the rapid decline in pricing, but from that period forward there continues to be
some settling in pricing.
– April 2011 median home price of $155,000 is the lowest the Reno area has seen since 2000.
– April 2011 unit sales, although down from the prior month and the prior year, is still performing at near record
levels.
– Year-to-date 2011 sales are 13 sales ahead of 2010.
– In April, the “Bank-owned” sales category held the dominant share of the market with 40% of the closings.
– The affordability door is open to a wider range of buyers. This means that a two-income, household earning
approximately $10 per hour each, can now afford the median priced home in the Reno/Sparks area.
– Closed sales numbers in April set a near record as being fifth best April for single family sales number in history.
– Mortgage rates are at historic lows. Rates are predicted to move up before year end. For those with stable jobs
and who expect to stay in their home long-term, it’s an excellent time to buy.
– Inflation is hitting consumer pocket books in the form of increased gas and food prices. Fuel costs may have a
greater impact on the rural areas surrounding the Reno/Sparks market, including the Fernley market, as
consumers consider the cost to commute.
– The number #1 Job for Nevada is jobs!
– The Detailed Report is made available to members as a member benefit.

Logging in allows you to save your favorite properties and get instant updates price changes,  new pictures and open houses on the property.

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. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.comhttp://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  If you are behind on your house payment and looking for a loan modification, go to making homes affordable For a free copy of my report   “5 Steps For Reno/Sparks Homeowners To Prevent Foreclosures” go to my about page http://chancegates.com/about and ask for more information on preventing foreclosures. or   to request a modification.  If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

Prepared by:
CITY OF RENO
Community Development Department

INTRODUCTION

Plan Organization

The Mill Street Transit Oriented Development (TOD) Corridor Plan is divided into two sections: Corridor Plan and Station Area Plans. The Corridor Plan describes the boundary, time frame, relationship to other plans and identifies policies for development within this TOD. The development concept, circulation, land use, and zoning that apply to the parcels are included in the plan for each station area. Development standards and processing provisions are included in the Reno Municipal Code.

Boundary

The Mill Street TOD Corridor area is shown below. In conformance with the Truckee Meadows Regional Plan, the Mill Street TOD Corridor is generally located ¼ mile on each side of the route beginning at the Washoe Medical Regional Center. From that point the corridor travels east on Mill Street to Terminal Way and then south on Terminal Way to the Reno-Tahoe International Airport Regional Center. The adjacent regional center plans include all station areas in the TOD corridor except one. The Station not included in one of the adjacent regional centers is River Landing at Mill Street.

West and north of the plan area lays the Reno-Sparks Indian Colony. This area has
established land uses and proposed land development under the Colony’s jurisdiction,
hence residential adjacency standards are included to provide appropriate transition
between uses. This will maintain separation between the lower density housing on the
Colony and the high density housing proposed by the plan.

Time Frame

The planning horizon for development and redevelopment of this area is twenty years.

Relationship to Other Plans

This plan is an element of the City of Reno Master Plan prepared in accordance with
Nevada Revised Statutes (NRS 278.150 through 278.170).
Policies of the Truckee Meadows Regional Plan are applicable region wide. The Reno
Master Plan has three different levels of applicability: Citywide, Center and Corridor,
and Neighborhood. Citywide plans include the Land Use Plan and other plans that
apply to the entire City and its sphere of influence. Center and Corridor plans are for
the nine centers and five transit oriented development corridors in the City and its’
sphere of influence. Neighborhood plans cover other areas, not in centers or corridors,
which have been designated as appropriate for more detailed planning. Policies in
center, corridor and neighborhood plans elaborate, with greater detail, upon general
policies contained in the citywide and regional plans. Center, corridor and
neighborhood plans must conform with and not be in conflict with policy direction of the
citywide plans and the Truckee Meadows Regional Plan. Similarly, appropriate
municipal code provisions (e.g., zoning, development standards and processing
requirements) must be consistent with these plans.
Outside of centers, corridors are comprised of a series of station areas, or activity
station areas, and the links between them. Each transit corridor plan is comprised of a
series of station area plans. Transit corridors contain land use, circulation, density, and
general design standards. As new station area plans are prepared, they are added to
the appropriate transit corridor plan.

Continued Tuesday 5/3/2011

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