Reno/Sparks Association of REALTORS®

February, 2012
Market Report
Area 100, Greater Reno/Sparks

Summary
– “For the second consecutive year, February had the highest volume of unit sales for a month of February
in the history of MLS,” said Kevin Sigstad, 2012 president of the Reno/Sparks Association of REALTORS
and the broker with Re/Max Premier Properties. “We are continuing to see record highs in number of
existing home sales. Pair that with the fact that our region is not experiencing the typical seasonal winter
lull in home sales, the stage is set for a record-breaking spring in home sales.”

Median Sales Price
– February 2012 median price was up 7.4% to $145,000 compared to $135,000 in January 2012 and down
9.9% from the February 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 $85.93.
– 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
– February ended the month with 453 sold transactions, up 1.6% from the prior month.
– Sales are up 17.1% from the same period last year.

Average Days on Market
– The average days on market are 132 days, down 9% from January 2012.

Day on Market (DOM) by Special Conditions
– Short sales continue to influence the average days on market at 207 DOM.
– Properties with no special conditions 118 DOM and Other had 72 DOM.
– REO properties average days on market remain stable at 93.

New Listings
– 512 new listings were taken in February compared to 577 in January, an 11.3% decrease and an 18.2%
decrease from February 2011.

Distressed New Listings by Special Conditions
– 64% of new February listings were distressed – 42% (216) Short Sales; 22% (112) REO; No special conditions
34% (176) and Other less than 2% (8).

Status of Pending
– Active Pending – Short Sales represent 62.3% of the total active pendings; Active Pending Loan equals 16.6%;
Pending No-show represents 16.1%; Active Pending call 4.8%; and Active Pending House less than 1%.

Current Months Supply of Inventory (Unsold Inventory ÷ Sales per Month)
– As of February 29, there was 5.4 months of unsold inventory based on the February sales rate.

Historical Months Supply of Inventory
– Historical Months Supply of Inventory shows that February MSI is down to 5.4 months compared to January 2012
at 6.0, and down 63% from February 2011.
– 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
– February 2012 reported unit sales are the highest February in history. February 2012 sales are up 17.1% from
February 2011 unit sales which was the second highest reported unit sales in history.
– The median price rebounded from a low in December to $145,000, up 7.4% from the prior month. With this
rebound we move back into the stabilization of the median price range we had seen starting in May of 2011.
– Washoe County’s unemployment rate trended down in 2011 and is down from 14.2% in January 2011 to 13% in January 2012. This is a positive sign for Washoe County.
– With interest rates at historic low levels and affordable housing prices, the Reno/Sparks record high unit sales support the conclusion that now is a good time to purchase a home.
– According to Fannie Mae’s National Housing Survey from February, Americans’ concerns over housing and the economy are subsiding.
– The Detailed Report is made available to members as a member benefit. Examine the Detailed Report for a morein-depth look into market segments and price points. Both this report and the Detailed Report are provided as avalue 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.

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.

Read more: http://www.brainyquote.com/quotes/authors/j/jack_dempsey.html#ixzz1qF7hNvLn

The index of leading economic indicators — designed to forecast economic activity in the next three to six months — rose 0.7% in February, following a revised 0.2% increase in January. The February reading was the highest level since June 2008.

Initial claims for unemployment benefits for the week ending March 17 fell by 5,000 to 348,000, the lowest reading since February 2008. Continuing claims for the week ending March 10 fell by 9,000 to 3.35 million.

The combined construction of new single-family homes and apartments in February fell 1.1% to a seasonally adjusted annual rate of 698,000 units, after an upwardly revised gain of 3.7% in January. The January figure was revised from 699,000 units to 706,000 units. Compared to a year ago, housing starts are up 34.7%. Applications for new building permits, seen as an indicator of future activity, rose 5.1% to an annual rate of 717,000 units.

Existing home sales fell 0.9% in February to a seasonally adjusted annual rate of 4.59 million units from an upwardly revised 4.63 million units in January. The inventory of unsold homes on the market increased 4.3% to 2.43 million, a 6.4-month supply at the current sales pace, up from a 6-month supply in January.

New home sales fell 1.6% in February to a seasonally adjusted annual rate of 313,000 units from a downwardly revised rate of 318,000 units in January. The initial January reading was 321,000. The December rate was revised higher to 336,000 units, the highest level since the economic recovery began. On a year-over-year basis, new home sales are up 11.4%. At the current sales pace, there’s a 5.8-month supply of new homes on the market.

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending March 16 fell 7.4%. Refinancing applications decreased 9.3%. Purchase volume fell 1

Thanks to my friends at Prospect Mtg

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.

Section 502 loans are primarily used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.

Eligibility: Applicants for loans may have an income of up to 115% of the median income for the area. Area income limits for this program are here. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance.  In addition, applicants must have reasonable credit histories.

Terms: Loans are for 30 years.  The promissory note interest rate is set by the lender.

There is no required down payment. The lender must also determine repayment feasibility, using ratios of repayment (gross) income to PITI and to total family debt.

Standards: Under the Section 502 program, housing must be modest in size, design, and cost.   Houses constructed, purchased, or rehabilitated must meet the voluntary national model building code adopted by the state and HCFP thermal and site standards. New Manufactured housing must be permanently installed and meet the HUD Manufactured Housing Construction and Safety Standards and HCFP thermal and site standards.  Existing manufactured housing will not be guaranteed unless it is already financed with an HCFP direct or guaranteed loan or it is Real Estate Owned (REO) formerly secured by an HCFP direct or guaranteed loan.

Approval: Rural Development officials have the authority to approve most Section 502 loan guarantee requests.

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.

Baseball gives every American boy a chance to excel, not just to be as good as someone else but to be better than someone else. This is the nature of man and the name of the game.
Ted Williams

Baseball is the only field of endeavor where a man can succeed three times out of ten and be considered a good performer.
Ted Williams

Baseball’s future? Bigger and bigger, better and better! No question about it, it’s the greatest game there is!
Ted Williams

By the time you know what to do, you’re too old to do it.
Ted Williams

God gets you to the plate, but once your there your on your own.
Ted Williams

Hitting is fifty percent above the shoulders.
Ted Williams

Hitting is the most important part of the game. It is where the big money is, where much of the status is, and the fan interest.
Ted Williams

I hope somebody hits .400 soon. Then people can start pestering that guy with questions about the last guy to hit .400.
Ted Williams

I’ve found that you don’t need to wear a necktie if you can hit.
Ted Williams

If there was ever a man born to be a hitter it was me.
Ted Williams

If you don’t think too good, don’t think too much.
Ted Williams

There has always been a saying in baseball that you can’t make a hitter, but I think you can improve a hitter. More than you can improve a fielder. More mistakes are made hitting than in any other part of the game.
Ted Williams

There’s only one way to become a hitter. Go up to the plate and get mad. Get mad at yourself and mad at the pitcher.

http://www.almanac.com/content/first-day-spring-vernal-equinox

Spring begins in the Northern Hemisphere on March 20, 2012, at 1:14 A.M. (EDT). Here’s more about the start of spring, signs of spring, and stunning spring photos!

See when all of the seasons for 2012–2013 start.

The Vernal Equinox

Ah, spring! This season brings increasing daylight, warming temperatures, and the rebirth of flora and fauna.

The word equinox is derived from the Latin words meaning “equal night.” The spring and fall equinoxes are the only dates with equal daylight and dark as the Sun crosses the celestial equator. At the equinoxes, the tilt of Earth relative to the Sun is zero, which means that Earth’s axis neither points toward nor away from the Sun. (However, the tilt of Earth relative to its plane of orbit, called the ecliptic plane, is always about 23.5 degrees.)

See your local Sun rise and set times—and how the day length changes!

Find last spring frost dates.

Vernal Equinox Questions and Answers

Question: Why doesn’t the vernal equinox (equal night) on March 20 have the same number of hours for day and night?

Answer: Our former astronomer, George Greenstein, had this to say: “There are two reasons. First, light rays from the Sun are bent by the Earth’s atmosphere. (This is why the Sun appears squashed when it sets.) They are bent in such a way that we are actually able to see the Sun before it rises and after it sets. The second reason is that daytime begins the moment any part of the Sun is over the horizon, and it is not over until the last part of the Sun has set. If the Sun were to shrink to a starlike point and we lived in a world without air, the spring and fall equinoxes would truly have ‘equal nights.’”

View the reason for the seasons and why the seasons change.

Question: According to folklore, you can stand a raw egg on its end on the equinox. Is this true?

Answer: One spring, a few minutes before the vernal equinox, several Almanac editors tried this trick. For a full workday, 17 out of 24 eggs stood standing. Three days later, we tried this trick again and found similar results. Perhaps 3 days after the equinox was still too near. Try this yourself and let us know what happens!

Signs of Spring

Spring is also the time when worms begin to emerge from the earth, ladybugs land on screen doors, green buds appear, birds chirp, and flowers begin to bloom. The vernal, or spring, equinox signals the beginning of nature’s renewal in the Northern Hemisphere.

You can track when the seasons change by recording animal behaviors and the way that the plants grow. Listen to the new sounds and observe what you hear and see.

How do you know that spring is coming? Share your comment below!

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.

Retail sales rose 1.1% to $407.8 billion in February, the largest gain in five months. This follows an upwardly revised 0.6% increase in January. On a year-over-year basis, retail sales increased 6.5%.

Total business inventories rose 0.7% in January to $1.569 trillion, up 7.6% from a year ago. Total business sales increased 0.4% to $1.237 trillion in January, up 7.2% from a year ago. The total business inventories/sales ratio in January was 1.27.

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending March 9 fell 2.4%. Refinancing applications decreased 4.1%. Purchase volume rose 4.4%.

The producer price index, which tracks wholesale price inflation, rose 0.4% in February after increasing 0.1% in January. For the year, seasonally adjusted wholesale prices are up 3.3%. Core prices — excluding food and fuel — fell 0.2% in February.

Consumer prices rose a seasonally adjusted 0.4% in February, following a 0.2% gain in January. For the year, consumer prices are up 2.9%. Consumer prices at the core rate — excluding volatile food and energy prices — were up 0.1% in February.

Industrial production at the nation’s factories, mines and utilities was unchanged in February after advancing 0.4% in January. Compared to a year ago, industrial production is up 4%. Capacity utilization edged down to 78.7% in February.

Thanks to my friends at Prospect Mtg

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.

Nevada to have Legacy Hall ticket office open on Saturday.

RENO, Nev. -

Buy tickets online

To accommodate Wolf Pack fans, the Link Piazzo Ticket Office at Legacy Hall will open from 10 a.m. to 5 p.m. on Saturday to sell tickets to Sunday’s National Invitation Tournament game. The Wolf Pack will take on the Bucknell Bison at 12 p.m. on Sunday at Lawlor Events Center in the second round of the NIT.

Due to Sunday’s game being an NIT-run event, no donor parking passes will be honored. However, there will be free, open parking in all parking garages and lots around Lawlor Events Center. The first floor of the West Stadium Parking Complex will be reserved for fans with disabled parking plates or placards.

In addition, as the NIT is an NCAA event, there will be no alcohol sales in the arena at Sunday’s game. Nevada will still operate its Starting Five Lounge with alcohol and other refreshments for members of the Starting Five. To join the Starting Five, call Heather Pennington at (775) 682-6965.

Starting at 6 p.m. tonight (Wednesday, March 15), all tickets will go on sale to the general public. Nevada season ticketholders had until 5 p.m. today to purchase the seats they had during the regular season before all tickets were released to the general public.

Tickets can be purchased 24 hours a day online here or by calling the TicketsWest call center at 1-800-325-7328.

During business hours (10 a.m. to 5 p.m.), fans can also purchase tickets by visiting the Lawlor or Legacy Hall ticket offices or by calling (775) 348-PACK, option #2.

Ticket orders can be picked up from 10 a.m. to 5 p.m. on both Friday and Saturday at Legacy Hall, while will call will open early starting at 10 a.m. on Sunday at Lawlor Events Center.

Day-of-game purchase and will call lines are expected to be longer than normal on Sunday, so fans are purchase and pick up their tickets in advance.

Ticket prices for the NIT game are $41 for premiere and courtside, $26 for lower concourse and $16 for upper concourse. Student tickets (for University of Nevada students with a valid student ID) are $5 and can be purchased on gameday only at Lawlor Events Center. Orders will also include a $5 processing fee.

For more information about the NIT, call (775) 348-PACK (7225) or visit NevadaWolfPack.com.

Nevada Wolf Pack Men’s Basketball

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.

Will be  held at Crosby Lodge on Pyramid Lake this weekend March 17th.   Registration at Crosby Lodge is available until 10:00 am on Saturday, March 17, 2012.   This year’s grand prize is a 2012 Polaris Sportsman 500 ATV valued at $9,500. Over $7,000 in additional cash & prizes will be awarded to the top 20 fisherman. The entry fee is $60.00. Which includes an official camouflage hat and a complimentary lunch at Crosby Lodge.

Official Rules

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.

Nevada Housing Division  (NHD) Down Payment & Closing Cost Loan
- Storey and Washoe County

Loan Terms

Product type

Financed 2nd mortgage

Repayment Terms of the Loan or Assistance

20-year amortizing, fixed-rate

Interest Rate of the Loan or Assistance

7.00%

Approved 1st Mortgage Products

FHA and VA only (Conventional first mortgage not eligible for DPA and RHS has suspended loan registrations)

May be combined with the following programs (if they also appear in these search results).

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.