Reno NV Real Estate & Housing Trends: Jan 08 Update

Posted by Mitch Argon / CalNeva Realty on Sunday, January 13th, 2008 at 3:39pm.

Here are the latest numbers on Reno real estate trends and how things have changed in the current Reno housing market.

This information reflects the current housing cycle and encompasses dates from January, 2005 forward.  If you are interested in seeing the month to month trends and more, you should subscribe (it's free) to The Greater Reno-Tahoe Real Estate Report (see the link at the bottom of this post).

Reno Median Home Price Trend

 The table below shows the most recent Reno median price information as well as summary comparisons to "peak and trough" months within the current real estate cycle. 

 

Peak to Trough April, 2005 October, 2007 Change
  $ 379,000 $ 303,000 down 20%
       
Peak to Current Month April, 2005 December, 2007 Change
  $ 379,000 $ 310,000 down 18%
       
One Year Change December, 2006 December, 2007 Change
  $ 325,000 $ 310,000 down 5%

Reno Homes Sold (Transactions) Trend

 Sales volume is down substantially in both year over year and for the last two years.  The tightening of credit for many potential borrowers is just one more additional force that is supressing sales volume.

 

One Year Change December, 2006 December, 2007 Change
  205 161 down 21%
       
Two Year Change December, 2005 December, 2007 Change
  239 161 down 33%

Reno Months of Inventory Trend

 While inventory levels in January, 2008 are up 8% over January of 2007, the "Months of Inventory" is up 30% due to the lower volume of home sales.  This bodes well for home buyers as the Months of Inventory will need to get down to the 4-6 months range to achieve a neutral market.

 

Months Inventory January, 2007 January, 2008 Change
  8.1 10.5 up 30%

 

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Mitch Argon
Broker - CalNeva Realty

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