Last week I posted the 2008 Mid-Year Review compiled and released by our broker, Chase International. This week our broker released the 2008 Mid-Year Price Banding charts. These can be accessed through the link below. (Click on the chart to enlarge.)
These charts show the number of units sold at various price points, and cover Incline Village, East Shore, Truckee, Tahoe City, South Lake Tahoe, Reno/Sparks and Carson Valley. As an example 40% of the houses that sold in the first half of 2008 in Reno/Sparks sold for less than $250,000. 74% sold for less that $350,000.
2 comments
Something interesting shows up when you break out the current MLS Single Family inventory in these price break points, and try to determine months of inventory based on the 6 month sales averages.
Price Range, Inventory, Sold 6 Months, Sold/6, MOI
$0 - $250,000, 1208, 629, 104.33, 11.6M
$250,000 - $350,000, 682, 542, 90.33, 7.5M
$350,000 - $500,000, 645, 238, 39.33, 16.4M
$500,000 - $1,000,000, 679, 130, 21.66, 31.3M
$1,000,000 - $2,000,000, 237, 30, 5, 47.4M
$2,000,000+, 67, 8, 1.33, 50.4
Note:
- SFR resale median was $291,000 in May.
- My inventory figures overlap at the break points, so this is for talking points only.
- My SFR inventory may not exactly match Chase’s sold coverage.
What’s with this sweet spot at $250-350,000 with only 7.5 months of inventory? As an agent who needs to eat, where is your marketing best utilized?
Nothing new here. Many readers have pointed out over the past several months that all the action is in the bottom of the market and that the upper end is withering in the heat. In fact, I believe Diane’s posts have indicated that almost 75% of all Reno/Sparks sales have been under $300,000 and that 90% have been under $500,000.
It appears that red barns continue to be difficult to move at $800,000.