On Monday I posted an analysis of the Reno Sparks housing market broken out by MLS area (See The Reno-Sparks housing market by MLS area). One reader, Jeffrey Dow Jones, suggested that I take a look at each MLS area in relative terms. Mr. Jones’ comment read (in part): To get a more accurate read on which areas are experiencing the most activity you should look at each area in relative terms rather than absolute terms. Instead of measuring the total number of sales in South Meadows, relate that to to the total number of properties in that MLS region.
I thought that was a wonderful suggestion, so I pulled current actives and pendings by MLS area in order to get a sense of the absolute inventory in each area. Next, I took the number of solds for the 1st-half of the year in each MLS area and divided by six (months) in order to arrive at a monthly average number of sales for each MLS area.
Then by dividing the absolute inventory by the monthly average, I obtained a relative inventory level for each MLS area. Those numbers are presented in the table below. For reference, the current 3,655 active and pending listings in the Reno-Sparks market represents 8.2 months of inventory when divided by the 2,688 units sold during the first half of this year.
| MLS Area # | MLS Area | inventory (as of July 7, 2001) | units sold (1st-half 2011) | monthly average units sold | current months of inventory |
|---|---|---|---|---|---|
| 116 | Reno-Downtown Core | 1 | 2 | 0.3 | 3.0 |
| 187 | East Truckee River | 5 | 9 | 1.5 | 3.3 |
| 119 | Reno-North | 77 | 83 | 13.8 | 5.6 |
| 181 | Sparks-East | 182 | 194 | 32.3 | 5.6 |
| 141 | Reno-Donner Springs | 64 | 67 | 11.2 | 5.7 |
| 143 | Reno-South Meadows | 250 | 233 | 38.8 | 6.4 |
| 182 | Sparks-Suburban | 206 | 188 | 31.3 | 6.6 |
| 121 | Reno-Northwest Suburban | 196 | 175 | 29.2 | 6.7 |
| 123 | Reno-West Suburban | 9 | 8 | 1.3 | 6.8 |
| 140 | Reno-Southeast | 65 | 56 | 9.3 | 7.0 |
| 134 | Reno-Stead | 233 | 198 | 33.0 | 7.1 |
| 130 | Sun Valley | 91 | 74 | 12.3 | 7.4 |
| 183 | Spanish Springs – South | 237 | 191 | 31.8 | 7.4 |
| 122 | Reno-Northwest Foothills | 109 | 86 | 14.3 | 7.6 |
| 185 | Spanish Springs – East | 44 | 34 | 5.7 | 7.8 |
| 131 | Reno-North Valley | 47 | 36 | 6.0 | 7.8 |
| 184 | Spanish Springs – West | 147 | 112 | 18.7 | 7.9 |
| 142 | Reno-Hidden Valley | 53 | 40 | 6.7 | 8.0 |
| 120 | Reno-Old Northwest | 143 | 107 | 17.8 | 8.0 |
| 180 | Sparks | 172 | 124 | 20.7 | 8.3 |
| 160 | Reno-Old Southwest | 106 | 70 | 11.7 | 9.1 |
| 133 | Reno-Lemmon Valley | 73 | 48 | 8.0 | 9.1 |
| 173 | Reno-Foothills | 32 | 20 | 3.3 | 9.6 |
| 132 | Reno-Golden Valley | 57 | 35 | 5.8 | 9.8 |
| 136 | Reno-Cold Springs | 150 | 92 | 15.3 | 9.8 |
| 177 | Washoe Valley | 38 | 23 | 3.8 | 9.9 |
| 188 | Sparks-Foothills | 47 | 28 | 4.7 | 10.1 |
| 138 | Reno-Rancho Haven | 20 | 11 | 1.8 | 10.9 |
| 161 | Reno-West Southwest | 112 | 57 | 9.5 | 11.8 |
| 135 | Reno-Silver Knolls | 16 | 8 | 1.3 | 12.0 |
| 165 | Reno-South Suburban | 154 | 74 | 12.3 | 12.5 |
| 124 | Verdi | 23 | 11 | 1.8 | 12.5 |
| 163 | Reno-Southwest | 202 | 94 | 15.7 | 12.9 |
| 186 | Palomino Valley | 24 | 11 | 1.8 | 13.1 |
| 137 | Reno-Red Rock | 12 | 5 | 0.8 | 14.4 |
| 171 | Reno-Southwest Suburban | 111 | 40 | 6.7 | 16.7 |
| 164 | Reno-Old South Suburban | 79 | 25 | 4.2 | 19.0 |
| 174 | Pleasant Valley | 19 | 6 | 1.0 | 19.0 |
| 175 | West Washoe Valley | 19 | 6 | 1.0 | 19.0 |
| 176 | Virginia City Highlands | 30 | 7 | 1.2 | 25.7 |
| 100 | Reno-Sparks total and average | 3655 | 2688 | 448.0 | 8.2 |
Excluding the first two areas, 116 and 187, due to sparseness of data, the top five areas with the least amount of inventory are:
| MLS Area # | MLS Area | Months supply area |
|---|---|---|
| 119 | Reno-North | 5.6 |
| 181 | Sparks-East | 5.6 |
| 141 | Reno-Donner Springs | 5.7 |
| 143 | Reno-South Meadows | 6.4 |
| 182 | Sparks-Suburban | 6.6 |
The home price data reported above covers the cities of Reno, Nevada and Sparks, Nevada [NNRMLS Area #100]. Residential data includes Site/Stick Built properties only. Data excludes Condo/Townhouse, Manufactured/Modular and Shared Ownership properties. Data courtesy of the Northern Nevada Regional MLS – July 2011. Note: This information is deemed reliable, but not guaranteed.
