As promised, here are some statistical research I completed on Sunday. If you would like more specifics, let me know. All statistics were pulled from the local multiple lisitng services in the area from December 2006 to December 2008.
If I pull statistics on all of Reno and Sparks December 06 to December 08
- There is a 31% decrease in the median price
- There is a 3% decrease in the overall number of properties on the market
- There is a 46% increase in the number of properties under contract
- There is a 15% decrease in the number of properties sold
- There is a 32% decrease in the sales rate (months of inventory)
In the old southwest, southwest and Caughlin areas of Reno
- Median prices were flat
- The number of listings for sale has dropped 12%
- The number of properties under contract has dropped 16%
- The number of properties sold has dropped 21%
- The number of months of inventory has increased by 8%
In the southwest suburban areas of Reno
- Prices have dropped by 63%
- The number of properties on the market has dropped by 2%
- The number of properties under contract have decreased by 38%
- The number of properties sold has decreased by 56%
- The sales rate (months of inventory) has increased by a whopping 264%
Spanish Springs area of Sparks
- Median price has decreased by 32%
- the number of properties for sale has decreased by 5%
- The under of properties under contract has increased by 150%
- The number of properties that has sold has increased by 79%
- The months of inventory has dropped by 62%
In the South Meadows area of Reno
- The median price has dropped by 34.4%
- The number of properties for sale has dropped by 11%
- The number of properties under contract has increased by 16%
- The number of properties that has sold had decreased by 29%
- The number of months of inventory as dropped by 16%
In Incline Village (using the entire MLS numbers)
- The median price has dropped by 67%
- The number of properties for sale has increased by 9%
- The nunder of properties under contract has decreased by 10%
- The number of properties that has sold has decreased by 33%
- The sales rate (monthly inventory) has increased by 17%
On the Nevada southeast side of Lake Tahoe
- The median price has decreased by 3%
- The number of properties for sale has increased by 21%
- The number of properties under contract has increased by 17%
- The number of properties sold has decreased by 50%
- The number of months of inventory has increased by 4%
South Lake Tahoe California
- The median price has decreased by 20%
- The number of properties for sale is flat (no change)
- The number of properties under contract has decreased by 11%
- The number of properties that has sold has decreased by 34%
- The months of inventory has increased by 10%
This is just a sampling of the multiple listing service statistics from each market but there are other factors that play into determining where opportunity lies. One example I can think of are the areas where there is a large amount of new construction (think Northstar at Truckee, Spanish Springs, and Damonte Ranch to name a few). I do firmly believe dealing with a professional Realtor will save you money in even the short run.
Hope we hear from you and unti then I hope your 2009 is healthy and properous!
