Median Trending Downward

At a recent sales meeting, our operations director whipped out a fascinating set of charts. It turns out he has access to a sophisticated database package that does a far better job analyzing sales data than I can given the limitations of a simplistic MLS interface. The net message? Median prices for residential real estate in the Reno-Sparks metro area have generally trended downward since July 2005. From $340K in July 05 to $313K in May 06, days on the market went from 54 to 70, and inventory from 4,006 to 6,070. Number of units sold went from 700 to 430, and expireds from 320 to 824. Interesting changes…