The Monthly Market Talk report, produced by the Reno/Sparks Association of REALTORS®, has just been released for the month of March.
- Click here for March’s Reno Monthly Market Report.
- Click here for March’s Fernley Monthly Market Report.
If you haven’t clicked on these reports previously, they contain nice charts and graphs on:
- Median Sales Price
- Number of Units Sold
- Percentage of Original Price Received at Sale
- Days on Market
- New Listings
- Distressed Property
- Inventory and Absorption
Note: Region defined as Reno-Sparks Area 100; Home Type defined as Site/Stick Built
Some takeaways from March’s Reno report include:
- Percentage of new listings that are distressed (↓): 55 percent [p. 11]
- 2.8 months of inventory [p.12]
- Average Days on Market for Solds (↑): 142 days [p. 8]
- Sold-to-asking-price Ratio (↓): 97.9 percent [p. 7]
Click here for historical Market Talk reports.
Monthly Market Talk reports provided with permission by the Reno/Sparks Association of REALTORS®.
smarten
Thanks Guy –
Viewing the median sales price graph and for the benefit of our friend from the Northwest, YOY [March] we were down a whopping 12.25%. And I think April’s YOY figures will show a single digit percentage decline. And I think May’s YOY figures will show no decline whatsoever. Why?
Because as some of us have observed, the market has stabilized [at least for now].
Stated differently, at least as measured by median sales price, if you purchased a year go you probably HAVEN’T lost the 30%-47% touted by so many on this blog.
skeptical
Maybe median sales price is the sole arbitur of when/if the market hits bottom. Maybe not.
Maybe Reno is not like Detroit and will not suffer through two decades of a continually declining market. Maybe not.
Maybe the casinos will turn around against all odds and lure all the Californians away from the Indian casinos. Maybe not.
Maybe 10,000 foreclosures in Shadow inventory matter. Maybe not.
Maybe families considering moving to Reno will not be discouraged by the horrible state of education in the state of Nevada. Maybe not.
Maybe the rotting hole that is downtown Reno will not discourage folks from buying homes here. Maybe not.
Maybe alot of things, but the fact is, no one really knows. Anyone making bold predictions in an environment with so many headwinds and headfakes is either delusional, misguided, or overly confident in their own ability to read tea leaves.
Bottom line, we’ll only know in retrospect when the bottom has hit, but no one will get hurt by waiting. This market ain’t skyrocketing anytime soon.
Raymond
Smarten, who are the “so many” on this blog who have said that if one purchased a house in Reno a year ago they have “lost 30-47%”?
Who are the “so many” who said a year ago that anybody who purchases a house in Reno will lose 30%-47%?
Please name names.
Hyperbole, Smarten.
I cannot name even one person who has said that the prices of houses in Reno have dropped 30%-47% in the last year. I cannot name one person who predicted a 30% -47% decline a year ago.
You have fallen off the edge, Smarten. You have become obsessed with Bantering Bear and your need to win the pissing contest you have going with him. In the process you have lost your credibility.
smarten
Two persons I can think of off the top of my head Raymond.
Mr. BB; and,
Derrick [possibly under one of his several monikers.
I recall others as well but can’t just think of their names off the top of my head.
MikeZ
[skeptical] “Bottom line, we’ll only know in retrospect when the bottom has hit”
How much retrospection do you need? 2 years? 5? 10? 50?
Gary
Smarten how much equity have you lost so far anyways?
I’m thinking somewhere in the $100-150k range…
Derrick
Smarten-
it’s your story, throw a sky diving scene in it if you want to.
Gary=Derrick
Why isn’t anyone paying attention to me, even when I pretend to be someone else?
derrick
umm YOU ARE paying attention obviously!