Sales in November 2008 were up 16% from the year prior. The under $300K saw its average price drop to a new low of $184,241. Activity in the $300K-500K range held steady on nearly all fronts. The $500K-1 million category faltered with 50% fewer sales and now features five full years of inventory. The $1-2 million range perked up a bit, dropping to 32 months of inventory. The $2 million plus range had no sales again this month. Together these two price ranges represent 40 months of inventory. Pendings dropped again, normal for this time of year, and nearly half of those were offered for under $200K. Properties under $200K continue to sell through with an average price of $141,623. Looks like I’ll have to restructure my price band reporting after the first of the year to better reflect current pricing conditions. Full report.
Data courtesy of NNRMLS, November 2008. Report includes Stick-Built Single Family, Condo/Townhomes, and Real Property Manufactured Housing in Reno-Sparks (Area 100).