Reno Real Estate Trends Update - March, 2008

Posted by Mitch Argon / CalNeva Realty on Tuesday, March 11th, 2008 at 8:40pm.

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 - 07N - 07D - 07J - 08F - 08M - 08
Home Inventory 2,751 2,598 2,450 2,229 2,330 2,346
Inventory Change: -5%-4%0%8%6%2%
Homes Sold 162 144 161 108 129  
Homes Sold Change: -33%-24%-21%-39%-35% 
Median Price (Thousands) $ 303 $ 330 $ 310 $ 320 $ 299  
Median Price Change: -7%0%-5%-1%-7% 
Months Inventory 12.1 11.7 11.4 10.5 11.4 11.7
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

If you have any questions about buying or selling in this market, give me a call at 775-315-4424.

Mitch Argon
Broker - CalNeva Realty

2 Responses to "Reno Real Estate Trends Update - March, 2008"

Ron Bell wrote: Mitch, I want to personally thank you for all of the wonderful research and time that you commit to this. I don't know if people know how much time and effort this takes.

You are very generous to share it with us Realtors as well. I use it all the time. Hey everyone else, how about a comment to get Mitch some more search engine points. Every time a comment is made, it gets his rankings higher, he deserves it. He is not just a news of the day parrot blogger, this is usefull unbiased stuff here. Again we appreciate it.

Ron Bell

Posted on Tuesday, March 11th, 2008 at 11:24pm.

Bill Penn wrote: Well done site and great information. My former home is one of the foreclosed properties (DOM 106 as of 4/1/08) and I think it's still about $30K high based on the condition when I left it.

Keep up the good work!

Posted on Thursday, April 10th, 2008 at 6:11pm.

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