A quick view on the Sparks real estate market:
Sparks Median Price Sold: $180,000
Sparks Median Price Home For Sale: $199,999
Months Supply Of Inventory: 2.6 months
Like Reno, Sparks has been pulled down by falling prices on the mid to high end homes.
Sparks market is still on a downward trend. I suspect the median price will continue to go down for a while. But watch out for the starter homes, scores of first time home buyers are getting in the market.
When Sparks home median price is going down does it mean that the whole Sparks market is headed in the same direction?
Not necessarily. Because mid to high end home values are rapidly falling, this force pulls down the rest of the market--including the starter home market, which is selling fast!
Lesson: check sub markets--ex: " Sparks $70,000-$150,000 supply and demand". (If you don't have access to this information, send me an email.)