The link below will take you to the first installment of a new monthly Market Report created by the Reno/Sparks Association of REALTORS, Inc. The report is sent to member agents and brokers, and agents are encouraged to use this information in their own analysis of the market and in counseling clients and customers.
Now before anyone starts suggesting "spin" or “kool-aid", take a look at the report. You’ll find it to be an accurate analysis of the market reflecting the same numbers we report here on the RRB. I think they’ve done a nice job with the report. Let me know your thoughts.
Click here for the March Market Report and the accompanying chart.
Some highlights from the RSAR March Market Report:
- March’s Median sales price has settled back to the January level of $200,000 for now – down 1.5% from last month – a 27% decrease from March of 2008.
- “As of March, we had only 9.1 months of inventory based on the rate of sales for March. This compares very favorably to 14.1 months supply of inventory as of March 2008. We have to go back to March of 2006 to find better inventory absorption numbers.”
- Month’s supply of inventory in the $1 Million+ category is 50.86 months.
- Distressed properties accounted for:
- 72% of properties sold in March
- 78% of what’s pending
- 63% of new listings
- “The increased demand we see is still at the lower end, with plenty of inventory. Multiple offers on 150K Bank/Owned’s doesn’t do much to drive up prices.”