Reno-Sparks Market
Sellers began to reap the benefits of short inventories in the second quarter as buyers struggle to find the right house. Investors in the market, many paying cash, are sweeping up those good investments. Although a few more houses are coming on the market, new regulation on foreclosures have affected that market with less homes available.
Truckee-No. Lake Tahoe Market
With the lower level of inventory currently on the market, the average time to procure an acceptable offer/contract continues to decrease as well. The average days on market in April was 86 and decreased to 60 days by June. Bank-owned properties, which are typically listed at lower than market value, take an even shorter time to sell, often with multiple offers. However, the distressed property inventory (both short sales and bank-owned) is decreasing, another sign that the real estate market is on its way back to normal, or even better.
