Washoe County Year End 2011 Housing Data...

The year-end home sales and foreclosure data has been compiled and posted to our website, and there was some good news amid the rubble.  Existing single family home sales peaked in 2005 at just over 5,800 units, but it took a few years before the glut of foreclosures and short sales began to flood the market.  With prices tumbling and inventory rising, it set the stage for investors to re-enter the market – and I say “investors” because, for the most part, they were the only ones in a cash position able to take advantage of the deals being offered.  Existing home sales began rising from the depths in 2009 and have steadily increased since – and 2011 was a banner year for existing home sales with over 6,100 single family unit sales (up 11% from 2010). Notice that unit count is even higher than it was at the peak of the buying frenzy.  The difference, of course, is that prices have continued to fall since the end of 2005, although it appears as if we might finally be getting close...