April median sold price, units, DOM, and $/sq.ft.

10 comments

1. 

   May 11, 2009 at 6:13 PM

   Otto

   Another bad month for the bottom callers.

2. 

   May 11, 2009 at 8:43 PM

   Corina

   The median price down 50% is astounding really. Compared to most cities in the USA, that’s pretty staggering. This puts Reno up there with the very top worst housing markets in the country.

   And when you consider than almost 50% of all mortgage holders here in Reno are upside down, the future does not look good. We are writing some new history right now.

3. 

   May 11, 2009 at 8:58 PM

   Melky

   “Prices are now at 2002 levels….”

   Well then we are not done with the return to normalcy, because the bubble was well underway in Reno in 2002. Oh, the NINJA loans were not yet quite in full swing, but by 2002, the cheap money was flowing and the traditional lending standards were being shown the door.

   More pain to come.

4. 

   May 11, 2009 at 11:19 PM

   BanteringBear

   Yes, Melky, more pain. Much more pain. Too many houses, too few qualified buyers. I’d like to get my mom into a 2/2 in Del Webb Sierra Canyon for, say, $79k.

5. 

   May 12, 2009 at 9:35 AM

   Phil

   It seems some early investors are scooping up some homes. Too early maybe?

   I do not see any reason for optimism that the bottom has been reached. Unemployment is still rising and prices falling. The current rally in the stock market seems fueled by the spending our government is doing. And the fact it is borrowing 50 cents of each dollar it spends makes me less optimistic about our future. I don’t see how we are going to finance this debt without raising interest rates, and then see the affordability of homes fall to the bottom.

   Anybody catch one of the plans GM has is to make more small cars overseas for sale here? How does it make you feel bailing out a company moving jobs off shore?

   America needs to build things besides housing. Reno does not have much minning, wherehousing and casino jobs are not enough to sustain the prices of homes now. I often wonder what our politicians do to lure jobs over here.

   I have noticed a decrease in people going out. Recently, I went to the mothers day buffet at Redhawk and while the buffet was awsome it seemed better attended in the past. I wonder if Whitmore still wants to build the Lazy 8 casino in Spanish Springs?

   On a positive note two homes that where unfinished for over a year have almost been finished in the upper highlands (R&B). Seems one of the for sale signs was also take down (or blew away). Rumor has it, one of the sons of R&B is finishing it.

   The real question is — are we heading for a modern day ghost town?

6. 

   May 12, 2009 at 10:53 AM

   3niner

   Per Phil: “Reno does not have much minning, wherehousing and casino jobs are not enough to sustain the prices of homes now.”

   A number of years ago, the USPS decided to move their West Coast air hub from Oakland to Reno. The NIMBYs went nuts. The Postal Service was surprised, since they thought the boost to the local economy would be applauded. They settled for Sacramento instead.

   Whenever anything promises to diversify Nevada’s economy (Yucca Mountain), the NIMBYs throw a fit and make sure it won’t happen (Yucca Mountain).

7. 

   May 13, 2009 at 2:32 AM

   inclinejj

   The hometown has been put into a strangehold for 30 years by the NIMBYS

   The town will be in bankruptcy within 5 years

8. 

   May 13, 2009 at 5:38 AM

   Worried Guy

   What’s a NIMBY?…The data tells the real story….

9. 

   May 13, 2009 at 6:11 AM

   Sully

   Not in my backyard! 🙂

10. 

    May 13, 2009 at 9:00 PM

    Worried Guy

    I’ll tell ya one thing that I know from my experience in the Reno market recently…Sellers are in such denial about the steep losses they have taken in the last 8 months, that they are destined to ride this down all the way to the bottom. Until these delusional sellers finally capitulate and grab the first decent cash offer that they receive, there will simply be no bottom in sight. Take that to the Bank..If any are still any around in this country…