It’s that time again… sales activity slowed slightly in July, marking the end of the spring selling season. For the first time in months, fewer new listings hit the market, helping to maintain equilibrium in the under $1 million range. The over $1 million arena also saw fewer new listings but significantly fewer sales and some price softening as well. Fall buyers in the luxury price ranges will have an easier time scoring better deals as spec builders begin to tire of carrying big mortgages for another few months.
Essentially we have almost 5000 residential properties listed for sale in Reno-Sparks and an 11-month supply of inventory. Even in the lower price ranges, this market favors the buyer. read it
gotlots
Add in all the new houses by the builders and the FSBOs and there are well over 6000 houses on the market. Sales volume is down again. Prices are dropping or “softening” as you say.Volume and prices are lagging indicators of a market. Pending sales are a leading indicator.Pendings across the entire market are less than 10% of listings. We are starting to move out of the stagnation stage and into the declining stage for values.
If one wants to lock in declining value, there has never been a better time to buy a house in Reno.If you think this is just hyperbole, perhaps someone can refer me to a neighborhood in Reno, any neighborhood, where values have increased in last 18 months. Anybody?