The Center for Regional Studies has [finally] updated the website with all of the latest home sales and foreclosure data for Washoe County through June 2011!
So how has the area’s housing market been doing this year? Pretty horribly, thanks for asking. Overall sales of new and existing homes for the first half of 2011 were down 3% from the the first half of 2010, and the overall median sales price declined another 11%. You’d think we would all be used to seeing these kinds of drops, but it still stings. New single family home sales dropped 30%, but the median sales price actually posted a 10% increase compared to last year…Washoe County is on pace to close barely 400 new home sales in 2011, which is by far the worse sales rate seen in decades.
Home foreclosures are up in 2011, but the leading indicators — Notices of Default and Notices of Trustee Sale — have both been trending DOWN this year. One way to interpret this data is that banks are finally catching up on the backlog of distressed homes in the pipeline and finally foreclosing on them, while the pool of “new defaulters” has been lessening (as evidenced by the declining NODs and NTSs). This would be a good thing for the area’s housing market. Alternatively, the reductions in NODs and NTSs *could* just be a result of overwhelmed banks not having the capacity to process the crush of new defaults…meaning they are coming, but are not yet reflected in the stats for 2011. Let’s hope it’s not that…
Dig into our website and download your favorite reports, and be sure to drop us a line if you have any questions interpreting the data!