Reno Housing up 47%

From this October to last October sales in Washoe County have increased by 47%, but October of 2007 was a horrible month for sales. In this uncertain market any increase is a good one. There were 348 sales in Washoe County this past October, of which half of them were foreclosures. The other bad news is the median price is down 22% from October of 2007. The median home price in Reno is $274,000 and in Sparks it is $215,000.  Right now approx. 50% of all the homes on the market in Reno and Sparks are either a short sale or a foreclosure.

I did a study of Reno foreclosures and so far this year in our area they are selling at 98% of asking price. That’s a good thing. This means that the agents representing them are doing a decent job of pricing them to move. You should not be selling your home in this market unless you have to, period. You have to be willing to compete with the foreclosures to have any sort of a chance of getting a buyer.

With the huge availability of homes on the market it is driving the new home prices down as well with builders offering huge incentives to get these properties off of their books. Most new home builders are not building anything new until their existing inventory is gone. I don’t know about you but I am tired of seeing tumble weeds blowing across all these vacant lots that the builders are sitting on right now all across Washoe county, but it is a sign of the times.

 

dhughes@dicksonrealty.com

www.Homes-Reno.com

1-800-692-1193

 

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