The Reno/Sparks Association of REALTORS® Monthly Market reports for October have been released.
- Click here for October 2010’s Reno Monthly Market Report
- Click here for October 2010’s Fernley Monthly Market Report
From the Reno Market Report…
- Summary: “As colder weather months are upon us, we expect to see a slight seasonal downturn in the number of home sales,” said Ken Amundson, 2010 president of Reno/Sparks Association of REALTORS and managing broker for First Choice Realty 500. However, we are continuing to see only small decreases in median sales prices from a month-over-month and year-over-year perspective. As we had anticipated, these numbers again indicate that we are experiencing a leveling of the market.”
- Median Sales Price
- October 2010 median price was up 2.2% to $172,775 compared to $169,000 in September 2010.
- The median sales price has remained relatively stable for the past seventeen months.
- Median price is defined as the mid-point, half of the sales for the time frame are below and half are above.
- Number of Units Sold
- October ended the month with 410 sold transactions, down 11.4% from the prior month.
- Sales were down 27% over the same period last year.
- Average Days on Market
- The average days on market are 134 days, up slightly from September 2010.
- Sold-to-asking-price Ratio
- September reported sales received an average of 97.3% of the seller’s final asking price.
- This could be described as a normal market as we adjust to a non-incentivized homebuying world with some softening in the closed sales.
- With inventory levels at eight months, we have moved to a buyer’s market.
- For the Reno market absorption numbers to get back to the stable 5 – 7 months of inventory, homes available for sale numbers have to decline if the closed sales volume doesn’t keep up.
- Results of upcoming elections could have an affect the housing market.
Reprinted with permission by the Reno/Sparks Association of REALTORS®.