Reno Real Estate Update - December, 2007

Posted by Mitch Argon / CalNeva Realty on Monday, December 10th, 2007 at 7:09pm.

Reno, NV Real Estate Market Trends - December, 2007

This post provides some narrative insights into the Reno Nevada real estate market.  If you are interested in tracking the market, subscribe to  The Greater Reno-Tahoe Real Estate Report, a free, monthly e-report showing charts and graphs of key Reno real estate market trends and statistics.

Reno Median Home Price

The Reno median home price for November, 2007 was $330,000.  This number is virtually the same as the Reno median price in November of 2006.  This median price is also markedly up from last month's reno median house price of $303,000! 

Reno Homes For Sale

There are approximately 2,450 homes for sale in Reno in December, 2007.  Last December there were 2,452 homes listed - no change.  The decrease in homes for sale at this time of year (as measured on a month over month basis) is seasonal and inventory will increase again in the spring of 2008.

Reno Homes Sold

There were 144 Reno homes sold in November, 2007.  This is down 24% from November, 2006 (190 homes sold).

Reno - Buyer or Seller Market?

The Reno market is still a solid Buyer's Market with months of inventory at 11.4 months (up from 9.9 months in December, 2006).  A neutral market would be in the range of 4 to 6 months of inventory.

Mitch Argon
Broker - CalNeva Realty

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