Below please find the price banding charts released by my broker, Chase International. Included in the charts below are year-to-date sales by price band for the following markets: Reno, Sparks, Carson Valley, Incline Village, Tahoe City, East Shore, South Lake Tahoe, and Truckee.
Click on the chart to expand. Note: all markets are contained in a single .pdf, so it may take a moment or two to load.
smarten
Thanks Guy –
You know we’ve spoken before that if you’re looking to purchase a SFR versus a condo/PUD; or your price range is $500K or greater versus $170K or less; global market sales data can be misleading [to you] and largely irrelevant.
With this in mind, I took a closer look at Sue Lowe’s sales charts for Reno and Sparks. YTD, Reno proper had 2,711 sales, 1,150 of which [42.4%] were for $200K or greater. Going through the same exercise for Sparks, there were 878 sales, 265 of which [30%] were for $200K or greater.
My point here is that if you’re looking to purchase in Reno, you’re going to find a heck of a lot less available for purchase at today’s median sales price of $170K than compared to Sparks. Yet when Guy publishes his monthly data, the two cities are combined as one. Stated differently [and by no means am I suggesting that Reno proper housing is on the upswing], Sparks may very well be dragging down Reno’s numbers [i.e., maybe the median sales price/square foot in Reno isn’t under $100?].
Anyhow for me, something to think about.
lurker
whatever
HighlyTrainedRealEstateAnalyst
I was also thinking about something this morning: Commodity futures. If the price of food continues to increase at its current pace a person won’t have any money left at the end of the month to buy anything – including a new house in either Reno or Sparks.
2Wire
I think that, on a per sq. ft. basis, houses that are east of Kietzke Lane may be holding down the price of houses that are to the west of Kietzke Lane. Now by no means am I suggesting that houses to the west of Kietzke Lane are on the upswing, but I suggest that is something to think about.
Also, I think that, on a per sq. ft. basis, houses that are north of Plumb Lane and that have a southern exposure may be holding down the price of houses that are south of Plumb Lane that have a northern exposure. Now by no means am I suggesting that houses south of Plumb Lane that have a northern exposure are on the upswing, but I suggest that it is something to think about.
And, I think that, on a per sq. ft. basis, houses that have 3 or more bedrooms and that are within a one mile radius of the Washoe County golf course may be holding down the price of houses that have 3 or more bedrooms and that are within a one mile radius of Redhawk golf course. Now by no means am I suggesting that houses that have 3 or more bedrooms and that are within a one mile radius of Redhawk golf course are on the upswing, but I suggest that it is something to think about.
HighlyTrainedRealEstateAnalyst
Thanks 2wire. I was wondering what else I was going to think about today, and you have provided my highly trained mind some additional insights to ponder.
I think I’ll go over to Starbucks and have a cup of coffee while I think about these things. Or, maybe I won’t, they just increased their prices again last week. Good thing Ben has informed me once again that there’s no inflation, I was starting to get worried …
Irv
Have you noticed how the government rather speciously excludes food and energy as components in formulating its inflation indicator? Those are two necessities, both going up regularly, leaving a smaller residue each month in most working families’ monthly incomes.
MikeZ
Congrats, Smarten, you have another stalker (2Wire)!
On the plus side, they say that imitation is the most sincere form of flattery.