Reno-Tahoe Market Summary, July 2008

Posted by Mitch Argon / CalNeva Realty on Monday, July 7th, 2008 at 9:47pm.

July, 2008 Reno-Tahoe Real Estate Market Snapshot

Scan the information in this blog post to see the disproportionate amount of foreclosure homes selling (32%) compared to the number of foreclosure listings (10%). Why is this? Banks are setting prices below market which attracts more buyers, more quickly.

The tables below illustrate what percentage of the market (in terms of SOLD and ACTIVE listings) is bank owned, short sale, or all other types of listings. The listings in this analysis include all single family listings (stick built, condo/townhouse, manufactured). The data source is the regional MLS which covers a broad geography (Washoe, Lyon, Storey, Churchill, Douglas, and Carson City counties).

Summary of Active Listings

Listing Type % SOLD-LIST Price Quantity Sold % of Total Sold
Bank Owned 96.5% 183 32%
Short Sale 97.0% 53 9%
All Other 95.7% 331 58%
       
Total Homes Sold   567 100%

Summary of June, 2008 SOLD Listings

Listing Type Quantity Listed % of Active Listings
Bank Owned 754 10%
Short Sale 1,201 16%
All Other 5,606 74%
     
Total Active Listings 7,561 100%

Related Information

If you have any questions, please call me at 775-315-4424. I will be updating the references above in the coming days with all of the details supporting this post - sold homes, foreclosure homes, etc.

Mitch Argon
Broker - CalNeva Realty

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