Yesterday’s was another excellent post by Diane. However, I noticed that Diane conspicuously left out Central Reno when she charted the current February numbers vs. one year ago. Because Central Reno is the area on which I’m supposed to be blogging, I’ll take it as a hint to get with the program. Thanks for the subtle reminder, Diane. 😉
The numbers below are for Central Reno. This area includes Downtown, Southwest, Old Southwest and Caughlin Ranch.
| Qty Sold | Volume Sold | Average Sale | Median Sale | Qty Active | |
| Curr Period | 38 | $14,683,625 | $386,411 | $360,000 | 155 |
| One Year Ago | 39 | $15,308,000 | $392,513 | $322,000 | 173 |
| Incr/(Decr) | (1) | ($624,375) | (6,102) | $38,000 | (18) |
| % Change | -3% | -4% | -2% | 12% | -10% |
Unlike as shown for the South Meadows and Spanish Springs, the February median sales price for Central Reno has actually increased year over year.
Data courtesy NNRMLS, February 2007, 2006
alreadyout
Just wondering how the university area is holding up. What’s the schools “on again – off again” plan to buy up the properties at the moment? How is that influencing buyers and sellers?
Diane Cohn
Interesting difference between the city core and the outlying areas… all of the wild value swings seem to be on the edges where new construction rules.
Reno Ignoramus
As of tonight, the MLS has 182 SFR listings (not condos) in the Southwest. Twelve of the listings have an offer. That is 6.5% of listings with an offer. That is 1.25 YEARS of inventory.
West-SouthWest, or basically Caughlin Ranch, has 88 SFR listings. Seven of those listings have an offer. That is 8% of listings with an offer. That is one YEAR of inventory.
The Old Southwest has 93 SFR listings. Nine have an offer. That is 10% of listings with an offer. That is almost ten MONTHS of inventory. It is interesting to note that now 20% of the listings in the Old Southwest have dropped below $300K.
There is a house on the market in the Old SW loacted at 1485 California Street. MLS # 70003785. This has gone from $449,000 to $429,000 to $398,000 in the last 30 days.
Almost 80 new listings hit the MLS just today. Does this all look like things are getting better?