Reno Sparks Real Estate - Buyer Market or Seller Market?

I just pulled a summary analysis from Multiple Listing Service data to help illustrate the market conditions (i.e. is there pressure on prices - up or down) by price range.

Often times when we are representing a home buyer, they initially believe that they will be able to drive a ridiculously hard bargain (emphasis on ridiculous) when negotiating price.  This is sometimes true, but in today's market your odds of realizing this dream are much more likely in the higher price ranges only.

The table below shows the Months of Inventory for the Reno/Sparks area broken down by price range.

Reno-Tahoe Real Estate Market Update - February, 2010

Review a quick summary of real estate market statistics for key cities in the Reno-Tahoe region. If you are not a subscriber to The Greater Reno-Tahoe Real Estate Report, you can find complete details and charts behind the market statistics outlined below. Feel free to subscribe to The Greater Reno-Tahoe Real Estate Report here - yes, it is free.

• Reno - For January, home sales were up 60% over January, 2009 - 229 homes sold. January's median sold home price was $170,000 - down 15% form January, 2009. This median price represents a recent low - down from $180,000 in December, 2009. Reno Months of Inventory for February is at 6.7 months - down 39% from February, 2009.
   
• Sparks - Sparks homes