Reno Sparks Real Estate Market Update

Sales in July 2008 were actually up 9% from the year prior. Activity in the under $300K range improved again as inventory held steady at nine months’ supply, despite a 7% increase in homes available for sale. The $300K-500K range held at 11 months of inventory, aided by a 9% decrease in homes for sale in that price range. My theory is that a significant number of homes in this category dropped into the under $300K range in an effort to sell them before summer ends. The $500K-1 million category crawled along much like last month and still favors the buyer with well over two years of inventory. The $1-2 million range continues to choke with another three-sale month, inventory holding at 78 months and a significant drop in average price. The $2 million plus range saw no activity this month. Pendings are up again, especially in the under $300K range, as are short sale pendings. Also interesting to note was the 20% increase in withdrawals from the MLS this month. Full report.

Data courtesy of NNRMLS, July 2008. Report includes Stick-Built Single Family, Condo/Townhomes, and Real Property Manufactured Housing in Reno-Sparks (Area 100).