First So. California, then No. California, now Reno/Sparks Nevada February sales are in showing more signs of a housing market turnround. (Read SoCal, Housing Bottom is Near, If Not Here, Investors: Is the Market Getting Better or Worse?, NoCal, Housing Sales Up 6th Straight Month)
During February 2009, the report showed Washoe County had 295 sales of existing single-family homes, an increase of 56 percent from February 2008 and a 27 percent increase from January 2009. The report listed the median sales price for an existing single family residence in Washoe County in February 2009 at $201,600, a 28 percent drop from last year and a slight 1 percent increase from the previous month.
This was the first increase in median sales price month over month in eight months, since May to June in 2008.
In February 2009, Reno (including North Valleys) had 186 sales of existing single family homes, an increase of 41 percent from last year and a 32 percent increase from January 2009. The median sales price in Reno for an existing single family residence in February 2009 was $215,000, a decrease of 26 percent from February 2008 and an 8 percent increase from January 2009.
Sparks (including Spanish Springs) had 102 sales of existing single family homes in February 2009, an increase of 92 percent from February 2008 and a 17 percent increase from the previous month. The Sparks’ median sales price for an existing single family residence in February 2009 was $191,525, a 29 percent drop from February 2008 and a 4 percent decrease from January 2009.
“Although it is a positive sign that the median sales price has not decreased month over month, we will need to see this continue as trend for three months before we can speculate that we have hit the bottom and reached a price stabilization level,” Kris Layman, 2009 President of Reno/ Sparks Association of Realtors and sales associate at RE/MAX Realty Affiliates.
"February's increase paired with the nearly flat numbers in December are small indicators of potentially being at the bottom of the market. Existing homes also continued to post significant increases in sales volume, another source of optimism. The increase in median sales price and increased number of sales could also be the result of President Obama’s housing plan, in which case we will continue to see both of these trends continue.” Layman said.
This is just the beginning folks. The subprime meltdown began in CA, NV, AZ, FL and as these markets begin to form bottoms and turnaround the rest of the country will soon follow.
It is time to get off the fence and get to work calling banks and owners in default about their problem properties and get some wholesale deals under your belt NOW while it is easy to both buy and sell at the same time. I've never seen a market like this guys.
The deals are happening for those in the know. If you are on the outside, this is not the time to try and learn on your own. You need to get your phone skills, number crunching, and negotiating your contracts skills perfected NOW so you can get on the inside and start closing deals NOW. And I can help you. Learn how here.
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