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.
Broker - CalNeva Realty