This from the Northern Nevada Business Weekly: "Sales of single-family homes in the third quarter in the Reno-Sparks area fell by 38 percent from year-earlier figures. The median sales price was down by 9 percent, and the time it takes to sell a home was up by 36 percent, according to figures from the Multiple Listing Service. "
My buddies over in the land group at CB Richard Ellis recently posted their third quarter analysis of the local market, including why they think this is still a great place to invest long term. read
And I’m not even sure if I should tell you this, but on Friday, October 20 from 4:00-5:00 pm, I’ll be a guest on KUNR along with Sue Lowe, Chase International’s Corporate Broker, and Brian Kaiser, Real Estate Anlayst from UNR’s Small Business Development Department. Of course we’ll be talking about the housing market, nationally and locally, and (gulp) it’s a call-in show.
Price reductions = 91
Reno Ignoramus
Diane:
What’s the phone number for KUNR??
I would suggest that you not quote too extensively from your buddies at CB Richard Ellis. Acording to them, “Home prices should continue to appreciate….”
Uh, apparently they have been so busy preparing their high gloss spin piece that they have not noticed that house prices in Reno stopped appreciating 18 months ago.
I guess they are unaware that the median house price is down 10% YoY, and that many houses are down more than that. I guess they have not read your blog and the many posts by you and others describing houses down more than 20%.
Maybe it’s a typo. Maybe what they meant to say was that “Home prices should continue to depreciate….”
Chris
What are these guys smoking? Maybe they’re in line for the legalized marijuana vote? It’s always funny to see the spin people can place on a market depending on what you’re trying to “sell”.