Seems our neighbor next door isn’t faring so well on the housing front these days, which can’t be good for us, either. read
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Seems our neighbor next door isn’t faring so well on the housing front these days, which can’t be good for us, either. read
RenoLover
I read this blog daily (good stuff!)as we are hoping to relocate to Reno sometime soon. We live in Northern Cal and watch this market closely. It’s really split by area here – there are some market that have, without a doubt, come down in price and volume. There are others where sales are down but price is up 5-10% vs year ago. In our town, we’ve seen sellers holding off on listing – the market is drying up quickly. I can’t say it’s lead to a price frenzy, but homes are getting snatched up quickly at asking or close to.
P.S. If there are any potential employers out there, give me a call 😉
EyesWideOpen
I also live in Northern California and wish to purchase in Reno. And of course I read this most excellent blog, and anything else I can find, every day. I have to agree with RenoLover, this market is really splotchy. I’m waiting for a particular neighborhood where there are currently no listings. One popped up a few weeks ago. It was a small mediocre unit. The asking price was $28,000 more than any similar house has ever sold for. Unfortunately, it sold for asking price before I could even make an offer.
Still waiting…
Reno Ignoramus
How about Reno Going Down?
Let’s look at the pendings in that older “charming, well-established” part of Reno called the “Old Southwest”:
$200K to $300K …..12 listings ONE PENDING
300K to 400K …….43 listings FIVE PENDINGS
400K to 500K …….38 listings TWO PENDINGS
500K to 600K …….16 listings ZERO PENDINGS
600 K to 700K ……13 listings ONE PENDING
700K to 800K ……..2 listings ZERO PENDINGS
800K to 900K …….5 listings ZERO PENDINGS
900K to 1 Million ….1 listing ZERO PENDINGS
1 Million and over ….5 listings ZERO PENDINGS
Total: 135 listings …..NINE PENDINGS
That’s 6.6% of listings with an offer. If these numbers hold, as they have for months now, that is 1.25 YEARS OF INVENTORY for the Old Southwest. It continues to be ugly. Must not be too many bidding wars happening here.
Also interesting to note there are 12 houses in the Old Southwest now priced below $300K. 55 priced below $400K, and 93 houses priced below $500K. Almost 70% of the houses in the Old Southwest are now priced under $500K.