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If you are the busiest person in the world and has little time to study the Reno real estate market but you still want to follow the pulse of the market, what should be the one market data you should focus on?
I think you should follow the Existing Home Sales.
What is an existing home sale? Here's an article from Bloomberg reporting on the national existing home sales.
Here's an overview of the Reno Housing Sales. I got this from a report from the Nevada Small Business Development Center. You can find the complete report in here.
|
RENO (single family residence) |
OCTOBER 2007 |
SEPTEMBER 2007 |
PERCENT CHANGE |
OCTOBER 2006 |
PERCENT CHANGE(Oct 07 VS Oct 06) |
|
New & Existing Home Sales |
178 |
190 |
-6.3% |
354 |
-49.7% |
Highlight: An almost -50% drop from Oct 2006 VS Oct 2007 in housing sales in Reno,NV.
The Reno real estate market is still in a deep real estate recession. This data clearly tells me that we have not reached the bottom of the market correction. I am planning on doing a more in depth study of the reno market statistics very soon. I am just awaiting a software program that could give us a more detailed picture of the market.
One thing that we should also observe is the velocity of the market, Is the market losing speed on it's way down? ( if it is, this could be signs of a near bottoming of the market) this is usually seen by comparing the numbers from the current year and the previous years or even months.
If you still have questions regarding the Reno real estate market don't hesitate to leave a comment or call Ian(775.338.7649)
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