In the Reno/Sparks area, the number of active single-family residences was down slightly by 4% over the previous month and inventory as a whole is back where it was 9 months ago – October was 769 actives, this month we’re at 763. While distressed properties (short sales and bank-owned) comprise just 10% of the current active inventory, they make up 27% of the total sales. While inventory remains incredibly low, buyers need to stay on top of the market and get their offers in quickly.
In the Truckee and North/West Lake Tahoe area, the number of active single-family residences was up 4% over the previous month but inventory as a whole is down substantially from years past (down 32% from just 9 months ago, as of the end of October). And distressed properties (short sales and bank-owned) comprise just 1% of the current active inventory. Sales in July in this area were up 6% over June, with distressed properties comprising 7% of those sales. Most distressed properties coming on the market sell very quickly, as they are typically the lowest priced offerings.