Reno Sparks Residential Market Update

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In February, prices were down again in every range, while unit sales increased from January and year-over-year. In comparing this month’s chart with last month’s, it appears as though some of the above $200K inventory shifted down into the under $200K range as the low end continues to sell with increased activity. Meanwhile, inflated inventory levels in the over $400K range persisted, especially for homes over $1 million, despite a slight uptick in absorption. As always, the higher-end market still has yet to capitulate.

 

February 2009 Sales

 
Price Range
Current Active
Number Sold
Average Sold Price
Days on Market
Percent Expired
Months Inventory
0-200K
1,921
169
$135,959
122
15%
11
200K-400K
1,375
124
$262,953
137
15%
11
400K-1 Mill
641
20
$536,552
184
24%
32
1 Mill +
189
4
$1,164,612
354
47%
47
 

Current Pendings

 
Price Range
Number of Short Sales
Total
Pendings
0-200K
259
653
200K-400K
189
392
400K-1 Mill
36
97
1 Mill +
4
11
 

We had 317 total sales in February 2009 versus 186 in February 2008, an increase in activity of nearly 41%.

Data courtesy of NNRMLS, February 2009. Includes Stick-Built Single Family, Condo/Townhomes, and Real Property Manufactured Housing in Reno-Sparks (Area 100).
 

 

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12 Responses to Reno Sparks Residential Market Update

  1. Reno Ignoramus says:

    53% of sales are under $200K.

    92.5% of all sales are under $400K.

    Only 7.5% of all sales were for more than $400K; only 1.25% were for more than a million.

    These numbers have been holding steady for many months now. The only notable aspect is that there appears to be an accelerating downward shift to the lowest price levels of the market. The under $100K price range likely has far more vitality than the over $400K segment.

    Diane, soon you are going to have to start reporting on the number of sales under $100K. How many housing units sold for less than $100K last month?

  2. billddrummer says:

    To RI,

    For fun, I was looking at the MLS yesterday in the $100,000 and below price band. There were 322 properties listed.

  3. Diane Cohn says:

    RI, 43 properties under $100K sold last month.

  4. Martin says:

    It looks like RI was right. 43 properties sold below $100K and only 24 sold above $400K.

    So it looks like that here in the middle of the 5th inning, that the under $100K team has doubled up the score on the over $400K team.

  5. Reno Ignoramus says:

    I see where a 900 sq. ft. condo came on the market today for $18,000.

    When will we see the first listing below $15,000?

  6. diablo says:

    “I see where a 900 sq. ft. condo came on the market today for $18,000”.

    “When will we see the first listing below $15,000”

    not sure, but I’m more curious bout when you get a life?

    what a loser

  7. DownButNotOut says:

    RI – what’s a condo look like for $18K? Is it livable I wonder? Maybe the city should be buying these to meet there low income housing requirement.

  8. Reno Ignoramus says:

    Down, I suppose livable is in the eye of the beholder. This condo is in Whispering Springs which was built about 25 years ago. I have not been by to look at it. My guess is that it’s pretty rough, both inside and out. Absolutely nothing any of the readers of this upscale blog would have any interest in.

    The point of my comment was not to highlight what appears to be a great deal on a nice place to live. The point was just to note that what many said was unthinkable has happened. A few months ago BB commented about $10,000 houses in Detroit. Some people responded that such a thing could NEVER happen here in Reno. Well, it is.

  9. SkrapGuy says:

    Some of these Whispering Springs condos sold for as much as $115K in 2006. Of course, they were financed with trash loans that have now defaulted and the property has gone back to the bank.
    Just another testament to the bubble. These places are a barometer of the absolute bottom of the market. Three years ago the bottom was $115K. Today it is $18K and falling. I would not be surprised to see these places and other like them all over town fall to under $10K in the coming months. The people that bought them 3 years ago with a nothing down I/O liar loan are out of the market now. Today, who wants to pay $18K for a rundown dump if you have to actually put some of your own money into the deal?

  10. 3niner says:

    I’ve been watching the low end offerings in the MLS. Over the last few weeks, the cheapest property has dropped from the high 20s to the high teens. This has been at least four different properties.

    Most have some pretty obvious flaws that you can see in even poor photos, but a few thousand dollars can do a lot to clean up a 900 sf condo.

  11. Douche-ablo says:

    Poor Derrick stomping his feet like mad: PAY ATTENTION TO ME! PAY ATTENTION TO ME!

  12. Pingback: Reno Realty Blog: Reno Real Estate, Market & Trends, Nevada » Reno Sparks Residential Market Update

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