Reno/Sparks Market Area
In the Reno/Sparks area, the number of active single-family residences rose by 17% over the previous month. The number of solds was down 23% from August which had a large spike in sales. September sales show a very slight slowdown though when you compare it to June and July sales. Distressed properties (short sales and bank-owned) comprise 12% of the current active inventory and make up 25% of the total sales. We are now seeing distressed property closings exceed new distressed property listings.
Truckee/North Lake Tahoe Area
Buyers anxious to purchase and move in prior to winter was evidenced by robust sales during the month of September, with more sales recorded than 3 months ago at the end of June when there was even more inventory available. Inventory will continue to drop as more sales occur. For anyone considering selling, it’s actually a great time to do so as limited inventory tends to command higher pricing.