People often ask me about "the real estate market" and how it is going. Well, it really depends on specifically which market they may be referring to. For example, I help buyers and sellers with Reno Nevada Real Estate as well as Carson Valley real estate (this includes real estate in Minden, Gardnerville, and Genoa Nevada).
The Reno median home price peaked in August of 2005 at $379,000. (Actually, August of 2005 is 'the month' that marks the beginning of the end of the Seller's market in Greater Reno-Tahoe.) Last month (September, 2007), the median price of a Reno single family home was $315,000 - this marks a 16.9% drop in prices.
During the same time period, the median price for a home in Carson Valley was $411,000 (this market peaked at $432,000 the very next month - September of 2005, so I will use the 'peak' month to further illustrate the point). In September of 2007, the Carson Valley median home price was $400,000 - a 7.4% decrease in median home price.
So, what factors (between two relatively close areas) might influence the reno real estate market decreasing at a rate that is twice that of Carson Valley? My position is the following: Jobs.
The price of Reno real estate is more dependent on local job growth and the local wage/compensation than the Carson Valley real estate market. While both areas have people moving in from California (who tend to drive prices up based on the equity they bring with them versus how much money they earn in the local economy), Carson Valley, due to its slower pace of life and more rural environment among other things, probably has a higher percentage of these "non local earning" home buyers. As a result, the Carson Valley real estate market performs better than the Reno real estate market even though jobs are much more plentiful 45 minutes to the north in Reno.
Can you gain this type of understanding by scanning zillow.com or a bunch of reno real estate listings on web sites? Probably not.
I hope this small bit of insight is helpful for you - keep in mind there is an answer behind every number in every real estate market! If you need any help with buying or selling Reno Nevada real estate or properties in the Carson Valley, please feel free to browse my site or call for any further assistance.
By the way, you can view all of the numbers mentioned above (and more) in my Reno-Tahoe Real Estate Market Trends report.
Signing Off -
Broker - CalNeva Realty