The Wall Street Journal reported that the nation’s listed inventory is the at its lowest level in four years. December’s inventory was 6 percent below November’s listed inventory; and represented a whopping 22 percent decline from the previous December.
See Housing Inventory Ends Year Down 22%
The WSJ piece states “Inventories were down for the year in all but one of the 145 markets tracked by Realtor.com, with Springfield, Ill., posting the only year-over-year inventory gain.”
How does the local inventory compare to the Nation’s? Looking at the most recent numbers (see December median sold price, units, DOM, $/sq.ft.) I see that December 2011’s Active listed inventory for Reno-Sparks, Nevada was 1,403 units. This number represented a 9.2 percent decline from November’s 1,545 Active listings, and a 30.6 percent decline from December 2010’s Active inventory.
Reno Dino
Not one word out in the local news about this recent report from the Conference of Mayors naming Reno/Sparks/Carson City as the most economically devastated cities in the country and ones least likely to recover any time soon. By any time soon, I mean
25-30 years at current growth rates. Do I hear a big Yikes?
http://247wallst.com/2012/01/19/the-nin-cities-that-havent-recovered-from-the-recession/2/
Transplant
Ouch. Good find, Reno Dino. Reno/Sparks at #2 and Carson at #1.
booch221
Carson City, Reno top list of having longest way back from recession
According to a report commissioned by the United States Conference of Mayors, and prepared by IHS Global Insight, Carson City and Reno head the list of cities expected to have the longest road back from the recession.
The report points to home values in Reno and Sparks Nevada dropping nearly 40 percent between 2007 and 2010. Many of the cities like Reno and Sparks will recover the least amount of jobs this year because of the poor housing market.
http://www.foxreno.com/news/news/local/carson-city-reno-top-list-having-longest-way-back-/nG6xP/
lurker
I’m enjoying this bust. I hope it continues for a long, long time.
– Open space not getting gobbled up by developers
– Traffic no problem on the 395, and they’re even building a connector to make the drive to Carson that much easier (not that I go there much)
– Unbridled growth and all the problems it breeds not an issue
– Those that are here are likely here to stay, building stability in the community and minimizing the transient population.
Whenever I speak to a professional, and they tell me they moved here ~5-7 years ago, I now they are here to stay. They are probably $200k-$400k underwater, so they have no choice 😉
My only hope is that this bust continues for at least another 5-7 years or so. It’s great for the lifestyle of those who live here…
Ed
I hope it goes down more too. Great time to by in the next 12-18 monhts
SW
Good time to buy rental in the 115k< market.
I'll take a 10% CAP rate any day of the week!