Sales in September 2008 were up 2% from the year prior. The under $300K range gained some ground as inventory dropped to 9 months’ supply, and the $300K-500K range held steady at 12 months’ supply. The $500K-1 million category improved somewhat with higher absorption rates, reduced inventory and fewer days on the market. The $1-2 million range continues to crawl along with over four-and-a-half years of inventory. The $2 million plus range actually saw two sales this month. Pendings dropped slightly, normal at this time of year. Meanwhile, sales of properties under $200K continue to sell at more than double the number sold last year, at an average price of $158,267. Full report.
Data courtesy of NNRMLS, September 2008. Report includes Stick-Built Single Family, Condo/Townhomes, and Real Property Manufactured Housing in Reno-Sparks (Area 100).