The Reno/Sparks Association of REALTORS® has just released its August Monthly Market Report for the Reno area. Monthly Market Talk is a comprehensive report providing many stats on the housing market in Reno and Sparks.
In summary from the report:
- August closings are down slightly from July but volume remains at 2005 levels.
- The median price remains relatively flat.
- Short Sale closings continue to increase as a percentage of the total market mix.
- The volume of short sales closings year over year has increased by 160%.
- Bank Owned closings continue to decline due to decreased inventory in that category.
- Declining sales under $150,000 may be attributed to declining inventory at that price point, as well as multiple offers on entry-level properties pushing some transactions to the higher price point.
- The median home price is in line with the median household income in recent months for the first time since 2002.
Biggest questions marks going forward:
- unemployment
- first-time homebuyers tax credit deadline OR extension
Reprinted with permission by the Reno/Sparks Association of REALTORS®
Related posts:
August 28, 2009 – RSAR July market report
July 23, 2009 – RSAR 2nd quarter market report
Reno Ignoramus
That median priced house or condo at $166K is within the ability of the median household income to afford. That point has been made, several times, on this blog before.
However, that $400K and beyond house is not within that ability. And it never will be, unless we bring back Voodoo loans.
And remember that 70% of all sales today produce no move up buyer.
Houses selling for over $400K are not going to be more than 5% of all sales, for a long, long time.
GreenNV
Other. The fastest rising listing category on the MLS. Where is it accounted for in the stats?
FutureRenoHomebuyer
Guy,
Thanks for the great info, as always. This report is always very informative.
Still, the attempt at positive spin, month after month, is starting to make me chuckle. No need to deconstruct, point by point. Anyone can see that the RSAR is trying really, really hard to get people to take another sip of the kool aid, but the data just doesn’t support their hopes.
Line 1 of para 1 says it all. “August sales numbers continue to show promise of a recovering market…” I guess they don’t read the RRB. (I wish they would comment occasionally, so that Wazoo and RI could crush them…)
Still quite content to wait until March/April 2010, earliest.
OBTW, for all the Reno skeptics in the other thread (west of center), I’m preparing to move from Sydney, Australia to Reno with wife and kids. So There!!!
Carleton
Today’s “new listings” on the MLS:
Total 52 listings.
Under $100K…..13 listings
100K -150K …..13 listings
150K-200K ……18 listings
200K-300K ……7 listings
300K-400K ……0 listings
400K-500K ……0 listings
over 500K…….1 listing
Oh, there is a listing for over 2 million for laughs I guess.
RI is spot on.
DownButNotOut
FRH – off topic but what the heck was it like being in that sandstorm?
billddrummer
I’m still curious about why there are so many realtor dollars chasing product listed above $500,000.
It should be obvious to everyone by now that move up buyers are scarce, and that there’s much more action in the sub-$200,000 bracket.
Sort of like two baseball players–one tries to hit homers at every at-bat, and strikes out a lot. He doesn’t get on base much because he’s swinging for the fences all the time.
The other baseball player swings at what the pitcher gives him. Gets a lot of singles and doubles, drives in a bunch of runs, and gets on base more often.
The second ballplayer is the more effective, even though the first may get more headlines.
longerwalk
Friend of mine in the natural gas business said he’s busier than he can handle digging in new pipes in the Tahoe area for new multi-million dollar homes . . . tear downs followed by new stuff. I have no reason to doubt his word . . . he’s worried he won’t make the hard Oct 15 cut off for serious digging . . .
FutureRenoHomebuyer
DBNO,
The sandstorm was brutal. I found myself in meetings surrounded by blowhard bureaucrats in bloated organizations that ought to get their funding cut in half because they are so inefficient. Social welfare programs for fat, white guys, I like to say.
Oh, you meant how was it in Sydney! I was on a business trip to DC during the sandstorm… Yeah, according to my wife that sandstorm was quite a humdinger too. 😉
billddrummer
To longerwalk,
Not surprised about your friend. There are still people with money who want to live at Tahoe.
I don’t think there are as many people with money who want to live at ArrowCreek or Somersett.
Tahoe is a place that has intrinsic value (as smarten found). There are few places like it in America (or the world, apparently).
Neighborhoods like Montreux are special too, but not as special as Tahoe.
ArrowCreek and Somersett (Wingfield Springs as well) are just neighborhoods with high opinions of themselves.
And that’s the way it is from my 2 bedroom apartment.