This morning’s Reno Gazette featured a very interesting article about the local real estate market, indicating that perhaps the median slide may be over? read
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“I don’t think we were ever as bad as what some people said.”
Steve Haley, President of the Reno-Sparks Realtor Association.
Yea right, Steve. Tell that to Diane’s clients on Cinnamon Drive who saw the value of their house drop $156,000 in 18 months. And, Steve, that’s no theoretical or appraised drop. That’s selling for $156,000 less than you paid 18 months earlier.
What Steve does not talk aout is the listings to pendings ratio. It is still dismal. In every price segment over $300,000, there are still YEARS of inventory.
Can’t wait until March when all the people who have pulled their house off the MLS in the past 6-8 weeks bring them back on. It will be great for the market when 1500 houses come back on, no?
It’s nice to read so much information that’s right on the mark! My wife and I have lived here in Reno for almost seven years now and are in our third house and have sold two. We’ve been watching the market very closely for about 18 months now and I feel bad for all of the sellers out there who don’t know about your blog, website, market report, etc. I think a lot of people in town don’t know just how bad things have gotten. A lot of them are going to be caught off guard if/when 2007 turns out to be even worse than 2006 Let’s not even consider 2008.
RGJ should take a look at everything you’ve done on the Web.