My trusty spies in the field found yet another interesting public resource: The Housing Tracker for Reno/Sparks. I’m not sure who this company is or how they’re scraping this data, but at first glance it does seem to correlate with trends I’ve been seeing here on the street the last few months. These are asking prices only. Selling prices I’m sure are a whole ‘nother story. see it
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billddrummer
Interesting chart, Diane, thanks.
Similar to bid/ask prices on the OTC stock exchange.
Whatever one asks is irrelevant to the sale price. As you’ve pointed out, the median sale price is about 15% below median asking price, according to this data.
As the Alt-A and Option ARM loans written on Arrowcreek, Montreux, and Hidden Valley homes go into default, look for the spread between bid/ask to widen. Not because of lower pricing in those areas, but because of higher levels of inventory coming onto the market relative to the number of people still holding out.
I expect the median sale price to bottom at $175,000, while the median asking price remains stubbornly close to $300,000.