Sales in August 2008 were down 7% from the year prior. The under $300K range lost some ground as inventory crept up to 10 months’ supply, and the $300K-500K range also crept upward to 12 months’ supply. The $500K-1 million category crawled along as always, this time with a noticeable drop in average price, accompanied by longer days on the market. The $1-2 million range continues to sell at a snail’s pace, though better this time with a whopping five-sale month, yet inventory remains high at 48 months. The $2 million plus range saw no activity again this month. Pendings rose again, most notably in the under $300K range, as did short sale pendings. Meanwhile, sales of properties under $200K more than doubled compared to the number sold last year. Full report.
Data courtesy of NNRMLS, August 2008. Report includes Stick-Built Single Family, Condo/Townhomes, and Real Property Manufactured Housing in Reno-Sparks (Area 100).