It’s time for an update to everyone’s favorite table. The Median Sold Price for residential properties in Reno/Sparks appears below and has been updated with April’s numbers.
| Month | # Homes Sold | Median Sold $ |
|---|---|---|
| April 2007 | 374 | $297,000 |
| March 2007 | 351 | $299,000 |
| February 2007 | 298 | $287,500 |
| January 2007 | 313 | $280,000 |
| December 2006 | 331 | $293,900 |
| November 2006 | 318 | $300,000 |
| October 2006 | 409 | $299,900 |
| September 2006 | 385 | $299,900 |
| August 2006 | 372 | $306,650 |
| July 2006 | 411 | $322,900 |
| June 2006 | 463 | $325,000 |
| May 2006 | 425 | $316,000 |
| April 2006 | 412 | $316,000 |
| March 2006 | 434 | $328,000 |
| February 2006 | 321 | $317,000 |
| January 2006 | 325 | $325,000 |
| December 2005 | 385 | $319,900 |
| November 2005 | 443 | $331,000 |
| October 2005 | 559 | $335,000 |
| September 2005 | 602 | $336,500 |
| August 2005 | 695 | $334,950 |
| July 2005 | 677 | $345,000 |
| June 2005 | 607 | $335,000 |
| May 2005 | 717 | $326,000 |
| April 2005 | 650 | $315,000 |
| March 2005 | 660 | $309,000 |
| February 2005 | 411 | $301,000 |
| January 2005 | 381 | $295,000 |
Data courtesy of Northern Nevada MLS May 2007.
CBam
Guy-
This kind of info cries out for graphs. I’ve built a couple of quick and dirty ones and sent them to you via email.
-CBam
Reno Ignoramus
You know, I think that really it’s all fairly simple.
The market is down about 50% in sales and 15% in median price from 2005 highs. This is data that is a lagging indicator of where the market has been.
Looking at where the market is going, out of every 100 listings in the MLS, 8 has a pending offer. We are selling through about 8% of inventory every month. Last month it was almost exactly 8%. 35%-40% of listings are vacant. I look at these leading indicators and suggest the worst is not over. If only half of the sellers on the market today are serious about selling, prices have to fall from here.
If others want to look at this data and suggest the market is healthy, fine.