Sales in October 2008 were up 26% from the year prior. The under $300K range continued to perform, again dipping below the $200K average price point for the second time this year to $193,644. Activity in the $300K-500K category dropped off some, increasing to 14 months’ supply of inventory. The $500K-1 million category faltered significantly with almost 40% lower absorption rates. The $1-2 million range continues to barely move and is now up to six years of inventory. The $2 million plus range had no sales this month. Together these last two price ranges represent 7.5 years of inventory. Pendings dropped again, normal for this time of year, but more than half of them are short sales. Meanwhile, sales of properties under $200K are moving at four times the number sold last year, with an average price of $146,731. Full report.
Data courtesy of NNRMLS, October 2008. Report includes Stick-Built Single Family, Condo/Townhomes, and Real Property Manufactured Housing in Reno-Sparks (Area 100).