The Center For Regional Studies has finished re-uploading all of the corrected home sales and foreclosure data to its website, and comparisons with previous year’s data aren’t flattering. New single family home sales, in particular, suffered through a horrible year in Washoe County with a sales rate of just 1/4 of its “normal” pace. The median sales price of new single family homes slipped another 11% in 2010 to just $221,450 — a 48% decline from the market’s peak. Existing single family home sales managed to increase 2.8% in 2010 while the median sales price dropped another 7% to $171,900, largely a result of short sales and bank owned homes flooding the market. With the “distressed” market losing steam, though, it will be interesting to see how the numbers shape up in early 2011.
Interestingly, existing condo sales were a bright spot in 2010 with nearly1,300 unit sales during the year — a 38% increase from 2009 and a 154% increase from 2008. With a median sales price of just $75,000, existing condos were a relatively hot commodity in the Reno-Sparks area in 2009 and 2010 in spite of the fact that condos generally have NOT historically been huge sellers in this market. When the median sales price of condos was over $200k, sales were dramatically lower so these units are clearly moving based on rock-bottom pricing. And as any of the developers who got caught holding the bag with new condos can tell you, there’s just not much of a market in the Reno-Sparks area for expensive, new condos when the average transaction prices of existing units is continually sinking lower.
For more information on the area’s housing market, be sure to check out all of the home sale and foreclosure data here on the Center’s website!