Greater Reno-Tahoe House Market - April, 2008 Update

Posted by Mitch Argon / CalNeva Realty on Tuesday, April 15th, 2008 at 12:04pm.

What's happening in the Reno-Tahoe real estate markets?

Here are a few insights from April edition of The Greater Reno-Tahoe Real Estate Report:

  • The Reno median home price (single family, stick built only) hit a new low at $284,400.  This is down from $299,000 in February, 2008 and represents a 25% decline from the recent (April, 2005) peak of 379,000.
  • The Sparks median home price tied a recent low of $255,000 - down 15% from March of 2007.
  • Carson City April, 2008 inventory (348 homes) levels were down 9% from April, 2007 - this is a good sign for home sellers, if it continues. 
  • Carson Valley April, 2008 Inventory (598 homes) is down 13% from April, 2007.  Again, a good potential early indicator for home sellers.  Both Carson Valley and Carson City do not have a high incidence of foreclsoure homes - a major driving force behind continuous new inventory in Reno and Sparks.

I will be posting more detailed posts in the coming days about each market.  If you are a subscriber to The Greater Reno-Tahoe Real Estate Report, you can scan more details.  If you have found this post and want to subscribe, subscribe here.

Mitch Argon
Broker - CalNeva Realty

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