Reno Real Estate Market

What happened to the real estate market in Reno, NV?!!

The Reno-Sparks, Nevada real estate market is worse than the statistics say -- for sellers, that is. The problem is:

1. too many properties for sale; and
   
2. the interest rates have gone up
   

Lets compare what is happening in 2006 vs. what happened in 2005.

• Total number of residential properties listed for sale from Jan. 1 2005 to June 30, 2005 = 6,206
  
• Total number of residential properties listed for sale from Jan. 1 2006 to June 30, 2006 = 9,103
  
• Total number sold YTD from Jan. 1, 2005 to June 30, 2005 = 3,954
  
• Total number sold YTD from Jan. 1, 2006 to June 30, 2006 = 2,564
  
• Days on Market on those property that sold 2005 = 76
  
• Days on Market on those property that sold 2006 = 96
  
• Properties listed for sale that did not sell before they expire 2005 = 5.8%
  
• Properties listed for sale that did not sell before they expire 2006 = 16%
  

With the numbers of first time buyers, investors, and move-up buyers decreasing due to rising interest rates, the number of listings is increasing the probability of up to 50% of all listings for sale will not sell after Oct. of 2006. This is not a good position to be in if you are a seller who has to sell in the next 6 months.

But to look at this situation with a positive spin: the Reno real estate market is definitely a buyer's market. So if you are ready to buy or relocate to Reno, NV, now is the time. Ferrarri-Lund Real Estate will find the perfect home for you and you can join our Reno-Sparks community where the air is clean and the opportunities are many.

Rick Lund
www.RickLund.com
www.Ferrari-Lund.com