Only one more day until we find out what happened during the month of May… I can hardly wait! Prices up? Prices down? Pendings up? Pendings down? Soon, we’ll know. In the meantime, I thought I’d peek into the MLS through the not-so-rose-colored glasses of my good buddy, Reno Ignoramus (see his comments on May 22). Let’s see how what I find compares to his results…
Total number of homes (including condos and manufactured housing, Area 100) actively for sale in the Reno-Sparks metro area: 4235
Total number of current pendings (includes pending no show, active/pending call, active/pending loan & active/pending house): 765
Estimated absoption rate in the next 30 days based on these pendings: 18% (Sellers, that translates into an almost 1 in 6 chance of selling your home. Okay, so I’m rounding up.)
Months supply of inventory: 5.5 (that’s not too bad… though, of course, all the builder unlisteds don’t count, and who knows how many months of inventory they add with their hundreds of units available…)
And let’s look at Somersett. I came up with 92 for sale and 12 currently pending (five of which are contingent on the sale of another home). That should translate into a 13% absorption rate when these transactions close and a 7.6 month supply of homes in Somersett. (Again, not so bad. Better than the 15 months we were seeing late last fall).
My numbers always seem to differ from those who search the IDX website feed… Access to the raw data really does make a difference.
