Although there are plenty of foreclosed homes for sale in the area of Reno-Sparks, there are few buyers and investors who have been interested due to the plunging home prices.
But things are certainly looking up as the office of the Washoe County Assessor showed a stabilization of median home sales price for existing as well as new single family homes during the third quarter of this year. The previous quarter showed a marked decrease from that of last year of the same period. From $285,000, prices plunged to $194,499.
With prices stabilizing, homes sales that include foreclosed houses for sale have picked up in terms of unit volume. According to Reno Sparks Association of Realtors, there was a 60 percent increase in units sold per months although the year-over-year data revealed a 22 percent drop.
If the pace of home sales remain brisk, it is possible that for the year 2010, recovery for the housing market will finally be possible. Banks will more likely loosen their lending guidelines and even accept more short sale transactions in order to prevent the foreclosure rate in the area from rising.
Inventories in Lyon County, Carson Valley and Carson City will benefit much from the increase in home sales activity and any decrease will most likely stabilize the housing market further. In Carson City alone, the number of entry level homes is almost worth eight months.
Aside from the inventories, the number of foreclosed homes for sale will most likely drop in 2010 as well with some counties already experiencing a downward trend. The Elko County market, on the other hand, is going against the statewide trend in terms of home sales, pricing and even foreclosures.
The demand for real estate properties remains high in Elko as retirees flock to the county because of the inexpensive prices. New development plans have been put on hold for the county until the demand for more new homes increase.
