Pending status homes in the last 24 hours = 468 at an average $375K and a median $296K. Current number of single family homes offered for sale = 4692. Compare this to August’s random pendings check at 491 for an average $371K and a median $308K with 4817 homes offered for sale. So in this moment, if these pendings close, we have a ten-month supply of homes in our market, same as last month. But note that lower median… quite a drop.
These figures were pulled from the Northern Nevada MLS and do not include builder direct sales, for sale by owners or other private transfers. These are single family homes including condos, stick built and manufactured homes pulled from Area 100, the Reno-Sparks metro area. Active listings include actives, new, back on market, price raised and priced reduced. Pending classifications include pending no show, active pending call, active pending loan and active pending house. Pendings were pulled looking at a 24 hour period of time to provide a market snapshot of recent activity.
2 comments
Let’s look at the median price of a house in Reno as described in Diane’s “Pendings Watch” post over the past six months:
April…….$329,000
May………$325,000
June……..$325,000
July……..$310,000
August……$308,000
September…$296,000
We have a decline of $33,000 in six months.
That is a decline of exactly 10% in SIX MONTHS.
The median price of a house in Reno has dropped an average of $5,500 per month for each of the past six months.
Summer is gone. Winter is coming.
Even the housing market cheerleaders over the past 5 years are in retreat.
If one seeks to lock in declining value in Reno, there has never been a better time to buy.
Gotlots: you keep stating “If one seeks to lock in declining value in Reno, there has never been a better time to buy.”
I’m not quite sure what that means. Could you please clarify?
Thanks.