Below are charts with sales numbers broken down by price range for the Reno/Sparks area. I compared January-May 2007 with January-May 2008. In the coming weeks I will be breaking down different areas but I thought I would start with a general overview. I am also going to go back and look at “pre-boom” numbers to find out how these numbers compare to a “normal” market.
As one would expect, prices are holding for homes under $200,000 and sales are strong – up 18%.The hardest hit price ranges for sales are those in the $300,000 plus range. Prices have stabilized but the number of sales is still way down (over 48% on the average).
I believe this market is trying to find the bottom but we won’t know for sure for at least a couple more months.
Homes Sold Under $200,000 (current Active = 978: ¯22%)
SOLDS |
January – May |
Market Time |
Average Sales Price |
|
2007 |
265 |
119 |
$155,483 |
|
2008 |
314 |
120 |
$152,138 |
|
% change¯ |
18% |
1 more day |
2% ¯ |
Solds Between $200,001 and $300,000 (current Active = 1542: ¯ 49%)
SOLDS |
January – May |
Market Time |
Average Sales Price |
|
2007 |
835 |
130 |
$257,758 |
|
2008 |
606 |
132 |
$249,519 |
|
% change¯ |
27% ¯ |
2 more days |
3% ¯ |
Solds Between $300,001 and $400,000 (current Active = 783: ¯ 66%)
SOLDS |
January – May |
Market Time |
Average Sales Price |
|
2007 |
460 |
129 |
$343,015 |
|
2008 |
264 |
165 |
$343,530 |
|
% change¯ |
43% ¯ |
36 more days |
0% ¯ |
Solds Over $400,001 and $500,000 (current Active= 323: ¯ 73%)
SOLDS |
January - May |
Market Time |
Average Selling Price |
2007 |
175 |
124 days |
$443,660 |
2008 |
75 |
177 days |
$446,755 |
% change¯ |
57% ¯ |
53 more days |
1% |
Solds Over $500,001 and over (current Active = 611: ¯ 68%)
SOLDS |
January - May |
Market Time |
Average Selling Price |
2007 |
231 |
168 days |
$847,952 |
2008 |
130 |
190 days |
$881,070 |
% change¯ |
44% ¯ |
22 more days |
4% |
.
Data was collected from the Northern Nevada MLS. Parameters: Residential properties (Condos, Townhomes, Single Family Homes. All areas except areas 138,176,177 and InclineVillage. Comparison periods are January 1 to May 31 for 2007 and 2008. Disclaimer required by MLS: While data is deemed reliable, no warranty for accuracy is implied. Data may not include all sales activity. Sales were made by all participants of MLS.
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