Reno, NV Real Estate Market - At a Glance - March, 2008
I'm trying to find the most useful format here for you, the reader. If you have read this blog in the past, please post a comment to let me know if you like (or hate) the format used below. Please note: this post contains information for the period from October, 2007 to homes sold in February, 2008 and inventory levels in March, 2008.
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Reno Real Estate Market Data
Note: all % changes are from the same period one year ago. Column headings - "Month - Year".
|Reno Real Estate||O - 07||N - 07||D - 07||J - 08||F - 08||M - 08|
|Homes Sold Change:||-33%||-24%||-21%||-39%||-35%|
|Median Price (Thousands)||$ 303||$ 330||$ 310||$ 320||$ 299|
|Median Price Change:||-7%||0%||-5%||-1%||-7%|
|Mo Inv Change (annual)||19%||18%||22%||30%||30%||28%|
What does this mean?
The Reno real estate market had a new recent trough (low) for median price at $299K in February, 2008. At the same time, inventory levels are up 2% over last March (not bad) and transaction volumes are down between 21% and 39% over the last 6 months from the same period one year ago (this shows the result in lack of buyer confidence and ability due to the sub prime mess).
As a result, Months of Inventory is up 28% over one year ago. There is definitely going to be lower prices going forward with all of this downward pressure - especially if you are in an area with high foreclosure activity - which would be Cold Springs, Stead, and (to a lesser degree) South Meadows.
The Reno median home price is down 21% from the peak in August of 2005 ($379K). A few years ago, a report came out and said Reno would see a 17% decline. Well, we're past that and there is still downward pressure on pricing - perhaps that forecast was not considering the subprime foreclosure mess we need to work our way through. We may see a bottoming in the market come second half of 2009 - let me know if you think I'm all wet or if you agree!
Related Links of Interest
- Search MLS - all listings, no registration!
- Foreclosure Home Alerts by Email
- Subscribe to The Greater Reno-Tahoe Real Estate Report
- Recent Homes Sold - by city
If you have any questions about buying or selling in this market, give me a call at 775-315-4424.
Broker - CalNeva Realty