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Market Trends
Commentary Provided byStephen & Dana Haley Price decline has slowed and with interest rates starting to rise, Buyer’s may find that the best opportunities have already been taken. |
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| Report Date | Winter 2010 | ||
| Nearest Metro Area | Reno | ||
| Buyers’ or Sellers’ Market | More sellers than buyers | ||
| Average Time on Market | More than 120 days | ||
| Market Trend | No Change | ||
| Housing Inventory | Good supply - Some Prices | ||
| Inventory Comments | Short Sale inventory is increasing, bank owned inventory is remaining pretty steady. | ||
| Average Home Price | $375,000 - View Graph Trend | ||
| Best Selling Price Range | $250,000 - $299,000 | ||
| Worst Selling Price Range | $1,000,000+ | ||
| Compared to Last Year | Down 10-15% | ||
| Prices As % of Asking Price | 95-100% | ||
| Multiple Offers? | Yes | ||
| Multiple Offers Commentary | Homes in good condition and price at the market price or below are receiving multiple offers. | ||
| Greatest Activity | Repeat Buyers | ||
| Buyer Activity for the past 90 days in Reno South is | Increasing | ||
| Seller Activity for the past 90 days in Reno South is | Decreasing | ||
| Is Financing Available For Qualified Buyers in Reno South? | Yes | ||
| Comments on Financing For Qualified Buyers | Financing is available although not without challenges. Underwriting has gone beyond thorough. Appraisals are coming in under contract price in a number of cases. | ||
| Existing Home Prices for the past 90 days are | Decreasing | ||
| What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? | 45-50% | ||
| Housing Hot Spots | Double Diamond and Damonte Ranch Southwest Reno, Arrowcreek, Montreux, Saddlehorn | ||
| Reason to Buy/Sell | Prices have declined by almost 50% since their peak in late 2006, still a great place to live, close to Lake Tahoe. A nice community that is focused on quality of life. | ||
| Average Sold Price | $375,000 - View Graph Trend | ||
| National Real Estate Market | |||
| National Summary: National Housing Market Recovery Near? Latest HouseHunt Random Survey Finds Encouraging Signs - First Time Buyers Taking Advantage of $8,000 Tax Credit Like the legendary phoenix which rose renewed from its ashes, the U.S. housing market appears to be on the verge of emerging from the worst real estate market in three years. Several encouraging signs are there. Click here for full article... | |||
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Stephen & Dana Haley
Keller Williams Group One Reno, Nevada Stephen @775-336-9100 or Dana @775-336-9491 Haley@Realtor.com Agent Home Page 
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Reno South Local News
News for Reno South, NV - Monday December 21st, 2009 8:16pm
The new year is just around the corner and supply seems to be dwindling, with many of the best opportunities
already taken. The 4th Qtr of 2009 shows a 10% decrease in prices from the same Qtr of 2008. Average list price for South Reno for the 507 homes on the market is $690,538 while the average sales price for this Qtr stands at $371,714. This shows quite a disparity between Seller expectations and Buyer activity. Look for more declines in the upper prices and stablization in the lower end.
July Cooling Trend - Thursday July 30th, 2009 7:02pm
Housing not the Weather cooling in July,
After a huge upswing in existing home sales from the past two years in June, things have come back down. Although still stronger than most of the previous months of 2009, July sales to date are slower than one year ago. Normally one of the highest months for sales, this July seems to indicate that the wait is still not over for the housing market.
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Stephen @775-336-9100 or Dana @775-336-9491
