Reno Home Blog

Reno Real Estate: Demand (Updated)

"Green before bloom" Amazing photo by: Daifuku Sensei

                                     

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"Buyers seem to be more confident of our real estate market"

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About: If the inventory of homes (posted last week) show us the supply, in this post we will be looking at the demand side in the Reno real estate market.

WIIFM (what's in it for me?): By comparing the inventory of homes for sale VS the number of homes SOLD we will better understand what is really happening in the Reno real estate market. 

Highlights:

• (June 2009) Demand up since January 2009!

• (May 2009) Demand as expected, has been off the chart (highest in two years)!

• (Apr 2009) Current demand is second to the highest in the last two years!

• (Mar 2009)  Demand is much higher compared to the same months last year (see: Jan, Feb and Mar).

• (Feb 2009)  After last months dive,homes sold goes up by a whopping 38 homes.

• (Jan 2009) Ouch.  A forty-eight home decrease in sales (from 182 to 134).

• (Dec 2008) November and December sales are lower than what I expected.  Buyers' confidence seem to be going South, not a surprise, considering the widespread news of financial turmoil.    

• (Oct 2008)  Demand is in an uptrend.  More and more people can now afford to buy homes in Reno.  Though median price is still struggling.

• (Sep 2008) A twenty-eight home increase for this month! But median price continue to go down.  It's worth mentioning that MSI (months supply of inventory) is down to 9 months!--a good sign.

• (Aug 2008) Demand continues to go up (started January of this year).  Sellers are still a little gun shy while median price continue to struggle.  It is important to know that not all price ranges in Reno are struggling, take for example: $150-200K.

Read past comments

Graph(s):

Click image for full view                                       

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"I will be more than happy to give you market advice about a specific neighborhood in the Reno or Sparks real estate market. Don't hesitate to call Joe (775-338-7653) for a no hassle-no pressure phone meeting."

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Number of homes SOLD in Reno:

• Jun '09:  326
  

• May '09:  282
  

• Apr '09:  273
  

• Mar '09:  240

• Feb '09:  178

• Jan '09:  135

• Dec  '08:  183
  

• Nov  '08: 177

• Oct  '08:  223

• Sep '08:  245

• Aug '08:  209

• Jul '08:  277
  

• Jun  '08:  256

• May '08:  211

• Apr '08:   202

• Mar '08:  164

• Feb '08: 137

• Jan '08:  107

• Dec '07:  165

• Nov '07:  138

• Oct '07:   164

• Sep '07:  147

• Aug '07:  211

• Jul '07:    197

• Jun '07:   240

• May '07:   260

• Apr '07:   222

• Mar '07:   232

• Feb '07:  203

• Jan '07:  182

• Dec '06:  202

• Nov '06:  196

• Oct '06:   247

• Sep '06:  216

• Aug '06:  219

• Jul '06:    258

• Jun '06:  296

• May '06:  264

• Apr '06:   246

• Mar '06:  258

• Feb '06:  178

• Jan '06:  187

• Dec '05:  223

• Nov '05:  263

P.S-  If you have something to add about what's happening in your neighborhood or you disagree with me on something or just want to rant about the market, you're most welcome to add to the conversation by leaving a comment. 

*  Reno Residential homes site/stick built

Updated: July 9, 2009 (17'th)
Source: Multiple listing Service via Broker Metrics
Next Release Time: Aug 10, 2008  (Every 10'th of the month)

Arrow Creek Homes Report: UnAdulterated Report (updated)

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"This report is for the inquisitive buyer in the Arrow Creek area..."
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About:

This report is for the inquisitive buyer in the Arrow Creek area who is discontent with the general statement, "It's a great/bad time to buy in Arrow Creek!"  I think the market can best answer that.  And that's what I want to show to you here.

This report is also for the seller who wants to better understand the current state of their neighborhood in order to make a better selling decision. (MLS area 165)

Hope it helps.

In this report you will learn:

• Median price of homes sold in Arrow Creek in the last two years.

• Number of homes for sale in the last two years.

• Number of homes SOLD in the last two years.

Observations:

• (June 2009) Inventory (MSI) is at 4.9 months (2- year low)--a good sign.

• (May 2009) Average price of homes sold in Arrow Creek is  around $500,000.

• (Apr 2009) Demand is up from December 2008.  Supply is down significantly.  Median price is seems to be settling down since February of last year.

• (Mar 2009) From September 2007 to our current month (March 2009) prices seem to have reached a bottom (see: third graph).  If indeed true, this is great!

• (February 2009) Median price sold jumps to over one million.  But we can't get carried away by this.  The past two years still give us a "moving sideways" graph.

• (January 2009) This market is still experiencing tough times.  I could sense the uneasiness in the buyers through the graphs. 

• (December 2008)  Homes sold dips from nine homes in November to four in December.  Median prices are still on a downward trend.

• (November 2008) Median price is showing some stability at around $600,000 since November of last year.  Back in November of 2006 median price was $760,000.  Demand continued to dip after strong summer months. 

• (September 2008) After a good early summer demand, homes sold is back on a downward trend.  Median price is struggling as well. 

• (August 2008) Demand,basing it from the number of homes SOLD, seems to have reached a bottom (see: second graph).

• Even though the demand has caught up median home prices are still in a downward trend.  This is not new.  Historically,demand will always be first to go up before prices.  It is just matter of time until the home prices in Arrow Creek finds a bottom if the demand continues to go up. (This is really fascinating for me, I did not expect this to happen this early)

• Inventory of homes is in a downward trend.  But  I expect it to go up this coming summer months (it's already up in April).

Graph(s):

Number of Homes For Sale

         Click image for full page view

Number of homes SOLD
        Click image for full page view

Median Price (SOLD)
           Click image for full page view

Note:  Basing it on on past reader's experience, you may have additional questions and concerns or would want to clarify something about the Arrow Creek real estate market. 

If you have any other questions, shoot me an email: jsalcedo@chaseinternational.com

Call Joe: 775-338-7653

Community Links:

• Arrow Creek Country Club

• Arrow Creek Homeowners Association

* Residential homes site/stick built

Updated: July 8, 2009
Source: Multiple listing Service
Next Release Time:  Every 8'th of the month
Number of updates: 11'th

Reno Real Estate: Supply (Updated)

" Reno River Walk" Superb photo by: Reno fog

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    "A healthy real estate market is healthy supply and demand"
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About:  We will be looking at the  number of homes for sale in Reno,NV starting from November 2005 - June 2009.

WIIFM(what's in it for me?): By following the number of homes for sale in the Reno Real Estate market we will understand the overall supply in the Reno market.  Here you will be able to compare exactly how the inventory of homes have been going up or down (broken down per month for the past forty-two months).

Highlights: 

• (June 2009) Supply is picking up.  Demand up by 44 homes.

• (May 2009) Supply is even lower this month (Why?!).

• (April 2009) Supply is lowest in two years.

• (Mar 2009)  Months supply of inventory is down to 4.3 months! (A great sign of increased demand).

• (Feb 2009) Down by 100 from last month.  Sellers confidence still low compared to the past three years (see graph).

• (Jan 2009) Inventory continue to go down, from 2,611 to 2,556.

• (Dec 2008)  Five straight months of decreasing inventory.  Demand is more stable.

• (Oct 2008)  Median price still going South.  But I notice a trend, similar to what's happening to the different areas in Reno; though the median price is going down, demand is up and supply is lukewarm.

• (Sept 2008) After five straight months (Feb-July) of increased inventory, September's  supply of homes in Reno goes down a notch.

• (Aug 2008) After a ninety-one homes increase last month, August's supply of homes dips to 2906 homes.  Overall supply is still going up since January of this year.  A good sign especially if it continues to go up all the way through winter.

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"If you have a more specific question about the Reno or Sparks real estate market, call Joe (775-338-7653) for a no hassle-no pressure phone meeting."

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Observation/comments:

• (June 2009)  Some people are predicting a flood of sellers (bank owned, mostly) maybe it's already starting to happen.

• (May 2009) I'm not sure why there aren't more sellers out there when demand is surging. 

• (April 2009) If you're thinking of selling your house, in my opinion, this is a good time if not the BEST time, before the summer rush is about to come.

• (Mar 2009) Supply is continue to slow down, but I expect this to go up come summertime.

• (Feb 2009) Supply continue to pale.  Summer aims to change this.

• (Jan 2009) Sellers, with valid reasons, continue to stay by the sidelines.  But sellers should be aggressive (making homes beautiful and priced right) as early as now in preparation for the spring and summer demand.

• (Dec 2008) I think that more sellers should be out there.  If you study the demand, you will see that demand is slowly moving sideways. 

• (Oct 2008)  In a healthy market, supply is as strong as the demand.  This, I think, will be one of the major factors in determining a Reno market bottom.

• (Sept 2008)  Numbers tell a story.  By looking at the supply of homes, you will have an idea about the consumer's confidence toward the market. 

• (August 2008)  A healthy real estate market is healthy supply and demand.  Both have shown signs of consistent strength this year. I hope it continues.

Graph:

  Click image for full-page view

Reno number of homes for sale:

• June '09:  2,523
  

• May '09: 2,454
  

• Apr '09:  2,540

• Mar '09:  2,596

• Feb '09:  2,577

• Jan '09:  2,616

• Dec '08:  2,638
  

• Nov '08:  2,779

• Oct '08:  2,888

• Sep '08:  2,943

• Aug '08:  2,949

• Jul '08:   2,996

• Jun '08:  2,919
  

• May '08:  2,867

• Apr '08:  2,803

• Mar '08: 2,688

• Feb '08:  2,587

• Jan '08:  2,624

• Dec '07:  2,644

• Nov '07:  2,839

• Oct '07:   3,067

• Sep '07:  3,094

• Aug '07:  3,319

• Jul '07:    3,257

• Jun '07:   3,207

• May '07:  3,056

• Apr '07:   2,905

• Mar '07:  2,675

• Feb '07:  2,515

• Jan '07:  2,696

• Dec '06:  2,649

• Nov '06:  3,042

• Oct '06:   3,345

• Sep '06:  3,520

• Aug '06:  3,684

• Jul '06:   3,548

• Jun '06:  3,415

• May '06:  3,121

• Apr '06:   2,658

• Mar '06:   2,533

• Feb '06:   2,259

• Jan '06:  2,480

• Dec '05:  2,444

• Nov '05:  2,700

P.S- If you have something to add about what's happening in your neighborhood or you disagree with me on something or just want to rant about the market; You're most welcome to add to the conversation by leaving a comment .  Thanks!

*  Reno Residential homes site/stick built

Number of updates: 17'th
Updated: July 6,2008
Source: Multiple listing Service
Next Release Time:  August 7,2008  (Every 7'th of the month)

Reno Somerset-Northwest Real Estate Market Report: (updated)

Somerset.com "The clubhouse pool at Somerset" 

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"Buyers can get a bird's-eye view on the overall Supply & Demand for the Reno Somerset-Northwest  areas"

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About: An in-depth look at the Reno-Northwest (MLS area: 120), Reno Northwest Suburban (MLS area: 121)  & Reno-Somerset (MLS area: 122) real estate market areas.

I used to follow the 'Days on the market' statistic to keep up with the trend in these areas but Craig King, our chief operation officer, advised me to use MSI instead.  He is right.  MSI has turned out to be more dependable.  Thanks Craig.

You can come up with the Months Supply of Inventory by dividing the number of listings by the number of sales.

Hope it helps. 

Time period of December 2005 - Jun 2009.   

WIIFM (what's in it for me?): This is crucial information for home buyers and home sellers in the Northwest Reno area. 

Sellers can get a realistic estimate on how long it would take for their homes to sell.

Buyers can get a bird's-eye view on the overall Supply & Demand for the Reno-Northwest  areas- comparing the ratio of homes for sale,new homes on the market and homes sold. 

Highlight(s):        

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"Median price continue to go South.  But demand is still going up since January of this year."

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• (June 2009) Supply is still on a nose dive.  Demand is up the roofs.  Inventory (inevitably) is way down (a good sign).

• (May 2009) Inventory is at 2.5 months--a two-year low (positive sign)!

• (Apr 2009) Homes sold and homes in contract are going up since January 2009.  MSI (inventory is down to 2.1 months! a good sign).  If you are thinking of selling your home, pay attention to this data--sell while supply is low! Median price is still going down--but I wonder for how long?

• (Mar 2009) Demand (higher) and MSI (lower) continue to perform well.  A very good sign. 

• (Feb 2009) 3.6 months supply of inventory is even better than last month's low number (lower is better).  Sellers are still wary of the market, but expect this to go up come spring and summer.  Sellers, now is the time to prepare for the summer buyer rush.

• (Dec 2008) Inventory is down.  Demand is even. Months supply of inventory is at 6.4 mos (from 11.3 months!).  This is good numbers!

• (Oct 2008)  Median price continue to go South.  But demand is still going up since January  of this year.  Supply is lukewarm.

• (Sept 2008) Demand continue to go up.  Supply is still relatively low if you compare  it from the previous three to five years.  Median price continue to struggle but MSI (months supply of inventory) is low (a good sign).

• (Aug 2008) I haven't seen supply and demand this good in years!  Reno-Northwest and Somersett area seems to be heading for a market bottom in terms of demand.  Hope the price reaches a bottom as well.  We'll wait and see.

Click Here To Read History of Comments

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Call Joe at 775-338-7653  for a Free-No Pressure - No Obligation Market Analysis of s specific zip code you are interested in!

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Graph(s):

Supply: Somerset-Northwest Real Estate

    Click image for full-page view

Demand: Somersett-Northwest Real Estate
        Click image for full-page view

MSI- Months Supply of Inventory
        Click image for full-page view

Months supply of inventory

• June '09:  1.6 mos.
  

• May '09:  5.3 mos.

• April '09: 4.5 mos.

• Mar '09:  5.8 mos.

• Feb '09:  5.6 mos.
  

• Jan '09: 7.5 mos.
  

• Dec '08:   8.7 mos.
  

• Nov '08:  11.7 mos.

• Oct '08:  9.9 mos.

• Sept '08:  7.7 mos.

• Aug '08:  10.0 mos.

• Jul '08:  9.2 mos.

• Jun '08:  8.7 mos.
  

• May '08:  8.8 mos.

• Apr '08:   7.9 mos.

• Mar '08:   8.5 mos.

• Feb '08:  10.2 mos.

• Jan '08:  13.5 mos.

• Dec '07:  25.4 mos.

• Nov '07: 14.1 mos.

• Oct '07:   14.7 mos.

• Sep '07:  16.0 mos.

• Aug '07:  12.7 mos.

• Jul '07:    8.5 mos.

• Jun '07:   8.0 mos.

• May '07:  8.1 mos.

• Apr '07:   6.5 mos.

• Mar '07:   10.6 mos.

• Feb '07:   6.6 mos.

• Jan '07:   7.4 mos.

• Dec '06:  13.1 mos.

• Nov '06:  11.1 mos.

• Oct '06:   11.9 mos.

• Sep '06:  15.2 mos.

• Aug '06:  10.3 mos.

• Jul '06:    11.7 mos.

• Jun '06:  12.0 mos.

• May '06:  9.1 mos.

• Apr '06:   9.8 mos.

• Mar '06:   7.8 mos.

• Feb '06:   10.6 mos.

• Jan '06:   12.4 mos.

Number Of Homes For Sale:

• June '09:  424
  

• May '09:  414

• Apr '09:  426
  

• Mar '09:  429

• Feb '09:  432

• Jan '09:  418
  

• Dec '08:  440
  

• Nov '08:  455

• Oct  '08:  486

• Sep '08:  528 

• Aug '08:  550

• Jul '08:  575

• Jun '08:  558
  

• May '08: 540

• Apr '08:  531

• Mar '08:  530

• Feb '08:  505

• Jan '08:  489

• Dec '07:  477

• Nov '07:  470

• Oct '07:   545

• Sep '07:  512

• Aug '07:  566

• Jul '07:   578

• Jun '07:  602

• May '07:  570

• Apr '07:   542

• Mar '07:  497

• Feb '07:  475

• Jan '07:  534

• Dec '06:  524

• Nov '06:  611

• Oct '06:   687

• Sep '06:  739

• Aug '06:  804

• Jul '06:   763

• Jun '06:  763

• May '06:  680

• Apr '06:   577

• Mar '06:  548

• Feb '06:  482

• Jan '06:  478

• Dec '05:  481

Number of Homes SOLD:

• June '09:  65
  

• May '09: 47  

• Apr '09:  65
  

• Mar '09:  59
  

• Feb '09: 36
  

• Jan '09:  28
  

• Dec '08:  37

• Nov  '08: 38

• Oct  '08:  44

• Sep '08:  54

• Aug '08:  50
  

• Jul '08:  56

• Jun '08:  52
  

• May '08:  49

• Apr '08:   50

• Mar '08:  36

• Feb '08:  29

• Jan '08:  17

• Dec '07:  27

• Nov '07:  27

• Oct '07:   35

• Sep '07:  32

• Aug '07:  53

• Jul '07:   52

• Jun '07:  62

• May '07:  52

• Apr '07:  51

• Mar '07:  47

• Feb '07:  51

• Jan '07:  33

• Dec '06:  40

• Nov '06:  42

• Oct '06:   42

• Sep '06:   49

• Aug '06:  55

• Jul '06:    52

• Jun '06:  58

• May '06:  48

• Apr '06:  48

• Mar '06:  41

• Feb '06:  37

• Jan '06:  29

• Dec '05:  50

Community Links:

• Somersett.com
• Northwest Reno Library
• Northwest Neighborhood Advisory Board
• Northwest Reno Classifieds
• The Most Honest Cafe in Reno  (personal favorite)

P.S-   If you have some comments or would like to correct anything in the article,kindly send your thoughts I'd love to hear them!  You can also call me on my cellphone for any questions you may have: Joe- 775-338-7653

*  Reno Northwest,Reno Northwest Suburban & Reno Somerset

* Residential homes site/stick built

Updated: July 4,2009 (12'th update)

Source: Multiple listing Service

Next Release Time: Aug 4 ,2009  (Every 4'th of the month)

Question: how far has reno home prices gone down?

by: thetruthaboutmortgage.com

2001 prices.

Reno Median Sales Price (1993-2005):

1993:  $128,000

1994:  $133,500

1995: $138,400

1996: $139,925

1997:  $147,950

1998:  $152,500

1999:  $160,125

2000:  $170,000

2001: $177,000

2002: $199,500

2003: $236,000

2004: $299,000

2005: $353,000

Here's how we can tell that current prices are almost the same as 2001 prices:

(click image to enlarge)

2009 Reno Median Price Sold:  $184,450

Reno Median price is still falling because the mid to high end home prices are still going down.  The starter home market is experiencing a great demand (highest in years!) and more and more people are paying for the asking price and even more!

How far are we from the bottom? I don't know.  But bear in mind that when you see median home price still going down, that may only be half of the story. Dig in deeper.  Is the mid to high end homes still dragging the median sales price? Has the starter home market already reached a bottom (you won't see this in the above graph)?

Keep a close eye.  Opportunities are already here.

QUESTION: WHAT'S THE AVERAGE INCREASE OF HOME PRICES IN RENO?

4.8%.

Once the market bottoms history tells us to expect 4.8% appreciation every year.  This is important to know for investors who bought starter homes for cash flow  or rent-to-own programs. 

Reno home buyers: this is also good to know when thinking about the future value of your home. 

For first time home buyers thinking of getting in the market, 4.8% appreciation is a big plus for you.  This is what it means when people say "why rent when you can invest in a home". 

There are many homes right now in the market that you could own with the same amount of money you're paying for rent.  The "plus" is when you own the home you can expect a 4.8% appreciation every year--that's $26,415 of profit if  you bought a  $100,000 home and sell it after five years.

So you may be asking "can we expect that kind of profit if we buy a home in Reno today?"

The simple answer is not yet.  Mid to high end homes have a long way to go but starter homes, I think, is almost there (finding a bottom) due to the increase in demand and lack of supply. 

It is also important to know that once the market bottoms out it may take another year or two 'till it goes from even to positive territory.

Video link:  Reno Market Appreciation

Caughlin Ranch Real Estate: An insiders look (updated)

Photo By: Caughlin Ranch Homeowners Association

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               "My goal is to give you an advantage over your competition by showing you what the market is doing."

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WIIFM (What's in it for me?):

I want to show you what's happening in the Caughlin Ranch Real Estate Market.  If you're a buyer or seller in this area my goal is to give you an advantage over your competition by showing you what the market is doing. 

This data comprises the areas of Reno-Old Southwest (MLS area: 160)  Reno-West-Southwest (MLS area:161)

Time period: December 2005 - May 2009

Highlights:

• (May 2009) Median price, supply & demand are all down (a bad sign). 

• (April 2009) Median price (sold) have been stable since March of last year.  Demand is pale, I wonder if this will continue 'till summer.  Supply is down as well.

• (Mar 2009) Median price, supply and demand have been going down.  On the upside median price has been stable the past year (see:graph).

• (Feb 2009)  Median price remain stale.  Homes sold in the Caughlin Ranch area go up by seven homes.  Supply remain in a downtrend.

• (Jan 2009) Demand dives to three homes sold.  Inventory follows suit (see: second graph).

• (Dec 2008) Demand is holding up through the winter months(see 2nd graph)--a good sign.  Median price is still struggling, but not as hard as a year ago.

• (Sept 2008) Supply is taking on a shape of a "W".  Going up in the summertime and down when winter comes. I'm waiting to see if this will continue this coming winter.  Median price is still on a downward trend.  Demand has been significantly going up since September 2007.

• (Aug 2008) Demand for Caughlin Ranch homes has been steadily going up while sellers are fewer than what it was two years ago.  Prices of homes are still struggling esp. for high end listings.

• (May 2008) Supply is still in a downward trend but ever since February of this year sellers have been going out in droves.( see: 1st graph)

• (May 2008) Demand,similar to supply is still in a downward trend.  Buyers seems to be waiting for the prices to stabilize before they get in the market.(see: 2nd graph)

• (May 2008) Median prices of homes are still down.  March 2008 could be the market bottom for median home prices for Caughlin Ranch. Prices have been steadily going up since start of this year's summer (see: 3rd graph).

Graphs:

Supply

    (Click image to enlarge)

Demand
       (Click image to enlarge)

Median Price

(Click image to enlarge)

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             Call Joe (775-338-7653) to see the best homes at the best price in Caughlin Ranch today!

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Community Links:

• Caughlin Ranch Homeowners Association

• The Best Sweets In Reno (5 mins. away)
  

Number of updates: 14'th
Updated: Jun 23,2009
Source:Multiple Listing Service via Broker Metrics
Next Release Time: July 16,2008

Reno real estate: "232 out of the 270 homes sold were under $350,000 (86% of total)."

'smart man' by davepayne.com.au

270 homes were sold in Reno April of this year.  141 were under $200,000 at a median price of $143,000. 

Fifty percent of homes sold in Reno are under $200,000.

  (click image to enlarge)

232 out of the 270 homes sold were under $350,000 (86% of total).

  (click image to enlarge)

Reno Home Sellers:  If your home is under $350,000 a little more patience and you might find the right buyer soon.

Make sure your home is in good condition and is priced right. 

$400,000 home sellers you might like to go down at or below $350,000 to attract more showings.  Every seller has different goals and situations but this is a good way to determine what buyers are doing.

Investors:  If you are in the market for starter homes ($200,000 and below) know that median price may still go down but if cash flow is solid (mortgage is lower than rent) then it might be a good idea to start looking for prized investments.

Buyers:  If you're still trying to low ball $250,000 and below homes don't be surprised if you get rejected.  Inventory of homes in Reno is at 3.1 months. 

If you really really like a house and you know in our gut that it's a great deal, I think you should pay what they're asking for (and even more).

The Reno real estate market is neither liberal or conservative; optimist or cynic; white or black; friend or foe

friend or foe? By: JK Farms

The market is neither liberal or conservative; optimist or cynic; white or black; friend or foe. 

The market is the sum of all our fears and hope.  It doesn't have a mind of its own, it merely exposes human nature's deep wants (greed) and needs (fear).  It doesn't keep a record of wrongs. Market knows no favoritism.

And because human nature hardly ever changed, the market has been behaving predictably the same throughout the years.

An intelligent woman sent me a letter:

"Hi, I like your optimism, but have you read the economic forecasts for Nevada and California?  Real estate in Reno is still way overpriced and needs to come down. 

Right now is a terrible time to buy, unless you have no problem losing your hard earned money. 

I think the subprime mortgages are going to hit hard in 2009 and 2010.  There will be a flood of foreclosures coming onto the market, not to mention the number of foreclosures backed up at the courthouses. "

Absolutely. What she talked about could happen.  But to say that "Real estate in Reno is still way overpriced and needs to come down.  Right now is a terrible time to buy, unless you have no problem losing your hard earned money."

My question is what price range are you talking about?

Current Reno home prices are still falling but demand is INCREASING ($140K - $190K most especially), inventory is at 3 months supply.  This was the cause for my optimism.  Yet I refused to call a market bottom.  Median prices are still on a downward trend. 

The market was selling homes at a rapid rate and supply can hardly keep up.  This is for the $200,000 and below price range.  Anything above it seems to be still going down at a fast rate.

That's not my opinion.  That's what the market is doing.

The great thing about following the market is after watching for a good amount of time, it will give you great clues on what it will do next.  This is the reason why back in 2006, 2007 and 2008 I was saying the market is still going down, regardless of price range.  Demand was paltry.  Supply was pale.  Median price was on a nose dive.  It wasn't a hard call.

The problem with having a strong opinion (what's going to happen VS what's happening) is we get attached to that opinion—and making it much harder to be objective. 

Back in 2007 well known real estate professionals and managers in Reno declared “we're almost at the bottom.”  Last summer a smart reader from another local blog declared a bottoming of real estate prices by January of 2009.

Both prophecies failed miserably.

The market does not care who we are, or the hard earned initials we have beside our names.  It will do what it wants. Regardless.

So why argue with it?

When people give kind comments to this blog, I simply point them back to the market.  “Thank-you but I simply pointed you to the real thing."

RENO HOME BUYERS: Three things to look for in the real estate market

                   Superb photo by: nouQraz

"Never argue with the market.  Forget your pride and ego"

When I started this blog two years ago some people had some difficulties with where to start in response to this blog's preaching of "never argue with the market.  Forget your pride and ego." 

This was largely influenced by one of my investment heroes William O'Neil.

And up until now I haven't given a simplified formula.  So here it is, if you don't have the luxury of time and want to know what the Reno real estate market is doing. 

Start here:

1.  Median Price:

(click image to enlarge)

Note: You will find this in the different, specific neighborhoods which I update every month.

2. Demand:

(click image to enlarge)

Note: You will find this updated every month under the "Reno Category" on the right column of this blog.

3. Supply:

(click image to enlarge)

Note: You will find this updated every month under the "Reno Category" on the right column of this blog.