Reno/Sparks Weekly MLS Statistics - week ended July 19
For the week just ended (July 19, 2009) there were 3,528 single family listings on the Northern Nevada Regional Multiple Listing Service (MLS) of which 43% were vacant; largely unchanged from last week and seemingly stable for a few months. There were 546 condominium listings with 55% vacant. These 4,074 units represent a 11 month supply of all product types and a 9 month supply of single family homes based upon an 8-week moving average of closings. We have just started to smooth the single family supply to make it easier to spot a trend in supply.
As of 11:00 a.m. the system had reported 85 single family closings for the week – a vast improvement over last week’s paltry 59 single family closings.
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There are 1,396 single family properties in Contingent status and 275 in Pending status. REO listings account for 539 listings and short sale units are at 1,504 units. Short sale listings remain relatively constant in nominal terms while bank owned properties are down close to 30% since the beginning of the year.
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Of the 3,528 single family residential REO listings almost 63% are under contract. For short sale SFR listings 65% are currently under contract.