Below is an executive summary of the Reno, Nevada housing market provided by Altos Research. Altos provides a few metrics on their reports that we don’t typically find on other market reports; for example “quartiles” and median characteristics (i.e. bedrooms, bathrooms, lot size) of listed properties.
One thing to note, the median and quartile prices correspond to list prices not sold prices, as is commonly discussed on this blog.
Click on the image below to check out the new format of Altos Research’s report, and let me know what you think of the data contained therein. Interesting? Provides value?
Randolph
I suppose any data, if it is accurate, has some value. But why base everything on asking prices as opposed to actual sales prices? Isn’t is more valuable to know what houses are actually selling for as opposed to what sellers are asking? The median price of houses actually selling is $150K, so this “median asking price” is 18% higher than what houses actually sell for. A couple of weeks ago you had a thread about sellers overpricing their houses. Well, if nothing else, this data certainly confirms that sellers do overprice their houses. By 18% it appears.
Phil
Why would you put out numbers based on listing prices only, and not actual sales prices, unless you wanted to create the impresson that the market is better than it really is. This just looks like a bit of a real estate shill job. At the least, they could say somewhere, in small print in an asterisk, that “actual sales prices are significantly lower than the list prices contained here.”
Andrew
I love the “top quartile” of the market at a median of $549K. This is top quartile of the imaginary market where deluded sellers hang out with the bong boys. The only place where the top quartile median is $549K is the fantasy world of make believe. Last month, out of 482 actual sales, a whopping 10, count ’em, 10 houses sold for $549K and above. In a non-hallucinogenic state of being, one would see that of houses actually selling TWO PERCENT of them were for $549K and above.
Sully
Andrew, that was the funniest post I’ve seen in a while here. 🙂
MikeZ
Wait! WHAT?! Am I reading that right? The data appear to be median listing prices. ??
Ralston
“We are likely to see upward pressure on pricing”.
Lawrence Yun
Chief Economist, National Association of Realtors
“We are likely to see upward pressure on pricing”.
Altos Research
“A leading source of data providing local market analytics for the residential real estate industry.”
Guy Johnson
I believe I am seeing a consensus here. Looks like I will no longer post these executive summaries. Thank you all for your feedback.
– Guy
Walter
I see this is an “executive” summary as opposed to just a regular summary. Is this akin to a “luxury” condo as opposed to just a regular condo? You never see anybody offering for sale a regular condo, it’s always a “luxury” condo. So I suppose if you were in the business of selling summaries, you would want to offer an “executive” summary as opposed to a regular summary.
Sully
Guy,
FWIW the trendline is very similar on this chart to the chart I’m keeping of the selling price medians you post. For that purpose only, it’s sort of a confirmation. However, I do wonder how Altos got that 549K number when housing tracker uses 369K for the same week in the 75th quartile. The 3rd (lower) quartile is a very close match to the current selling median. It almost looks like if you delete the top quartile and just use the bottom three you get an actual sales picture of the Reno/Sparks area market! 🙂
booch221
Guy,
Please continue to post these executive summaries and also the full reports. Even though they’re not perfect–there’s still a lot of good information in them.
Altos Research’s Reno listing report | RRB Home
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