For the data hounds out there there’s a cool site that provides very detailed real-time real estate data for virtually any city, county or region you might select. The company is called ALTOS Research and you can visit their site here.
Subscribe to their service and each week Altos Research will email you a Real-time Market Profile that provides the most up-to-date market information available for a city or area. The weekly market profile shows you not only pricing and market numbers, but also trends in those numbers.
Below is a current chart for Reno. Click on the chart below to be taken to more detail charts showing trends in not only Sales Prices, but also Days on Market, Price per Square Foot, Inventory and more.
robert leyva
There seems to be a “slight” discrepancy between the ALTOS RESEARCH chart which says the median single family home price as of January 25 2009 for RENO is $289,973 and your own posting on Jan 5 titled “December Medians and Units Sold” which showed Median Sold price was $208,000. It appears that The Altos site is one of those feel good sites reminiscent of Zillow.
Guy Johnson
Robert, Thank you for your comment. The discrepancy you point out can be explained by a couple things. Firstly, my data includes condos. Condos and town homes in addition to site/stick built houses. “Condo/townhouse” is a property category typically *not* included in most medians you see in the media and elsewhere. Secondly, my data covers the cities of Reno *and* Sparks, Nevada. I’m not sure if the ALTOS numbers include Sparks.
And finally my sales numbers are compiled from NNRMLS data. I’m sure the ALTOS numbers come from other sources (i.e. title, county, whatever).
It all comes down to apples vs. apples.
The value provided in the data presented on any site (including this Reno Realty Blog) really comes from the trends observed.
William Burns
Sounds like alot spin Guy. Keep up the good work.
Scott Sambucci
Hi Guy – Thanks for this post. The data displayed in the AltosChart included in your post is a 90-rolling average of on-market properties for the city of Reno. It only includes properties in the physical boundaries. Additionally, the 90-rolling average is a common statistical measure to use for trend analysis, which is the core of what we do. Your explanation about comparing “apples to apples” is a good one, and all the more reason why local buyers and sellers should be working with an excellent real estate professional to help them decipher their individual situation.
Grand Wazoo
“all the more reason why local buyers and sellers should be working with an excellent real estate professional to help them decipher their individual situation.”
Spam?
Doug B. Cooper
I thought the link was cool. I like the variety. What ever happened to housingtracker.net?http://www.housingtracker.net/askingprices/Nevada/Reno-Sparks/
Casa de Dolor
All I gotta say is, if Reno’s median price is 290k and our median income is 50k then we gotta a long way to go. When the median income can buy the median house it will be a “good time to buy.” Thanks for the site Guy.
DonC
Affordability is a big problem most everywhere. You’d actually like the median family to be able to easily buy the median used home — at least 120% of the income needed.
However, if the goal is for a family with the median income in Reno to be able to buy the median used house, then perhaps you’re already there. I think the median family income in Reno is $63,610. On a monthly basis, 28% of that amount would be $1484.23. For a $290K house, a standard 20% down 30 year mortgage with an interest rate of 5% would run $1288.37.
Note: I got the median income from http://www.nuwireinvestor.com/articles/top-10-mid-size-college-cities-for-investment-52324.aspx
Guy Johnson
Scott Sambucci, thanks for finding our site.
DonC, thanks for including the NuWire link in your comment.
Et al, thanks for your comments.
robert leyva
In reply to Don C:
Affordability is a big problem most everywhere. You’d actually like the median family to be able to easily buy the median used home —
Now all that’s needed is to find that MEDIAN FAMILY that has $58,000 for the down payment and no additional major debt hanging over their heads. And convince them to buy a devaluating asset. Shouldn’t be too tough….Just got to keep spinning.