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.
Broker - CalNeva Realty