Reno Home Blog: July 2007

Glad To Have you...

Hello there!

Thank you for paying a visit to our blog.

The primary purpose of this blog is to help you better

understand the Reno-Sparks real estate market through the use of

relevant facts and figures. We encourage you

to leave suggestions, questions and comments.

This is very important to us because it helps us understand

the market in a deeper way. It will also tell us if something

is indeed helping you or something needs to be improved.

Don't hesitate to contact us (email and/or phone)

if you have a more detailed question about

the Reno-Sparks Real Estate Market

It is the author's hope that this blog will truly give you lasting value.

Happy Browsing!
Joe & Ian

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Housing Sales: May 2006 vs May 2007

Highlights: Both Sparks and Reno are hurting based on the decreasing number of housing sales(2006 vs 2007) but Sparks is doing much better compared to Reno in number of sales of single family homes & condos.

Single family home sales (2006 vs 2007) Number of sales of Condos (2006 vs 2007)

Reno : -27.6% Reno: -47.6%

Sparks: -10.2% Sparks: -13.3 %

Observations:

Reno's number of sales of single family homes down by -44.8% (2006 vs. 2007)
Reno's Median sales price of single family residence is doing better compared to Sparks (Reno: -14.1% vs Sparks: -15.8%
Sparks has a lower number of sales of single family homes & condos compared to Reno.
Median price per Sq.ft of single family homes in Sparks is lower than reno.

Source: Washoe County Assessor

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Supply & Demand: June 2005- June 2007

Highlights: As the Inventory of homes in the Reno-Sparks area dropped so did the under contract and sold homes. Based on this data we have less supply and demand. It seems that buyers are in the sidelines observing what the Reno-Sparks market will be doing. A sign of a healthy fear of the market. I think that is good for especially those who are not sure of living in their homes for at least 10 years.

Observations:

We have less inventory of homes(for sale) in the market compared to 2006.
Comparing June 05 and June 07, the market had an increase of 45.74% in homes for sale in the Reno-Sparks area.

Source: Broker Metrix/Multiple Listing Service

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Supply & Demand # units (sold): June 2005-June 2007

Highlights: This data supports the research of my friend Dan Wyatt who said in early 2006 that the real estate market topped in June/July of 2005. Apparently, the Reno-Sparks market topped at the same time if you were to base it on the number of homes sold.

Observations:

There are 229 less homes sold in June 07' compared to June 05'(-44.21%)
The difference between (in number of homes sold) June 06' VS June 07' is significantly lower than June 05' VS June 07' ( -44.21% VS -27.25%) which means that the market's speed in going down is slowing. The market is still on a downward trend but based on this data the worst might be over. Time will only tell. Continue to observe what the market will do. Don't be overly optimistic but don't live in a position of fear either. Do what the market tells you to do(not your relative's or neighbor's opinion).

Source: Broker Metrix/ Multiple Listing Service

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Months Supply of Inventory: June 2005-June 2007

Highlights: 18.5 Months Supply of Inventory in June 07 ! Whew. What does that suppose to mean? Honestly, I have no clue why we have that number in June. But what you will notice is that the MSI was slowly going down if not for the humongous 18.5 months of June 07'. We'll have to wait and see what happens next.

Quick advice on those of you who want to sell your home or those who are currently in the market. Price your home in the top 3 in your area. Also, be and stay in the top 3 of the best condition category. You will surely attract more attention and possibly a much faster sale.

* this advice was given to me by Joanne Correira

Observations:

Based on this data the MSI for the warmer months(June,July,August) of 2005 & 2006 are lower than the colder months of the same years.
The data tells us that it is still a strong buyer's market.

Source: Broker Metrix/ Multiple Listing Service

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Median Price (Sold) Reno-Sparks: June 2005-June 2007

Highlights: As of June 2007, the median price of sold homes in the Reno-Sparks area is $320,500.

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Key Factors

From June 05' to Oct 06' the market was in a downward movement. But notice from September 06' to June 07' the market moved sideways breaking the pattern that June 05' to Oct 06' set. Does it mean that the prices of homes sold in the Reno-Sparks area are beginning to stabilize? I think it's too early to tell but definitely worth following.

Source: Broker Metrix / Multiple Listing Service

We reached the absolute peak in the Reno-Sparks area in September of 05' at $365,000. We are currently down12.19% from our peak

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