The Center for Regional Studies has just finished compiling the latest data for home sales and foreclosures in Washoe County and posted them to the website. Here are some of the highlights:
- There were 209 new single family home sales in the second quarter — up 365% from the first quarter and roughly even with 2q09 new home sales. Because of unusually pitiful new home sales in the first quarter of this year, that percentage increase looks far more impressive than it otherwise would, but it’s still a bit of good news for the area. The median sales price of new single family construction was $212,000, which was 4% lower than it was last year. New condo sales were up 53% in the first quarter with 26 new units finding owners, but the median price of those units declined slightly to $161,900.
- Existing single family home sales were up 22% in the second quarter compered to the first, and up 12% compared to last year. The median sales price of existing single family units dipped only slightly to $172,250 — we’re starting to see existing home prices flatten out somewhat in spite of continued volatility in the foreclosure market. Prices appear to be near the bottom of the trough.
- Home foreclosures spiked (again) in the second quarter, posting an 84% from 1q10 and 33% increase from a year ago. Equally troubling was that SALES of foreclosed homes has been declining — this has been a briskly performing submarket for the area over the past few years, and it’s showing signs of slowing. Is the pool of qualified people willing to endure months of negotiations with banks finally starting to run dry?
Be sure to subscribe to our blogs using the RSS Feeder to stay informed each time we update our website!
