Reno-Tahoe Real Estate Market Trends - Oct. 2007 Update
If this is your first time to this Blog, Welcome!
I plan to post information here to point out key market changes and "between the lines" insight behind my monthly Reno-Tahoe Real Estate Market Trends report. I hope you find this useful. You may want to visit the Reno-Tahoe Real Estate Market Trends report page to view or print the report while reading this blog entry.
Winners and Losers
In today's market, a well qualified home buyer should be the winner if they have the patience and appetite (as well as a good agent representing them) to negotiate the best price. As I'll point out in a minute, however, the median price in most markets is not down that far over one year ago so depending on when the home seller purchased the property, they may not be in too bad of shape either. The biggest declines in our market today all are geared around the number of homes sold (transaction volume) so this has the biggest negative impact on people who make a living on this 'transaction wheel' - real estate agents, brokers, mortgage companies, and a myriad of service providers who have business models that are closely tied to transaction volume.
Highs and Lows
I plan to point out the biggest gains and losses here for each city/area in the Northern Nevada region so this section and format will recur in my blog from month to month.
The median price for a Reno Home in September was $315,000 - the most recent low (that I track monthly) was $318,000 - in January of 2005. Also of note for Reno is the number of homes sold (143) - the first time below 150 since January, 2005. The median price for a Sparks home also hit a new recent low at $275,000. All other local markets were up from August, 2007 in this category. The big surprise here is Dayton. The median price for a Dayton home was 257,000 (up from 234,000) - this change is occurring while inventory levels in Dayton are up 82% over October, 2006.
Number of Homes Sold:
Another notable low here is Douglas County (Minden, Gardnerville, and Genoa Homes) at 29 homes sold - the first time under 30 in one month since January, 2005 and a staggering 63% below the number of homes sold in September, 2005 (78 homes). The number of Dayton homes sold in September was also a recent low at 6. By comparison, there were 7 homes sold in January 2006 and 8 homes in December of 2006(keep in mind what snow, cold weather, and holiday activity does to home shopping!). Not surprising, there are not any "highs" to report in this category - a sluggish market indeed.
Seller - Best Market?
As a seller, you would want the lowest levels of competition. The Sparks Real Estate market has the lowest inventory levels in October at 10.1 months.
Buyer - Best Market?
By contrast, there are 23.3 months worth of Lake Tahoe Homes for sale - that's a long time!
Tell a Friend!
If any of this rambling is helpful for you, please tell a friend. Remember, if you (or someone you know) want to get an email notice each month when I update the (and post a corresponding blog entry), you can complete the form on the Greater Reno-Tahoe Real Estate Trends report page. If you are already getting the email notice, you do not need to sign up again!
Feel free to let me know if you have insights or see anything here in error. If you would like to know more about a more localized market (section of a city, neighborhood, etc.), please contact me through the links above.
Broker - CalNeva Realty