Reno Northwest Real Estate Market Report

Northwest Reno Library

About: An in-depth look at the Reno-Northwest (MLS area: 120), Reno Northwest Suburban (MLS area: 121)  & Reno-Somerset (MLS area: 122) real estate market areas.

Time period of December 2005-December 2007.   

WIIFM (what's in it for me?): This could be a source of valuable information for home buyers and home sellers in the Northwest Reno area.  Sellers can get a realistic estimate on how long it would take their homes to receive offers and be in contract (based on the data taken from other sellers in the same market areas).

Buyers can get a bird's-eye view on the overall Supply & Demand for the Reno-Northwest  areas- comparing the ratio of homes for sale,new homes on the market and homes sold.  Hopefully, acquiring added information to make a better investing decision.

 

Highlight(s): December 2007 experienced a pretty severe decline in homes sold.  Though it's worth mentioning that inventory experienced a modest decline in the same time period (a good sign).  Also, homes are selling faster than the previous months(a breath of fresh air for would-be sellers.)

Graph(s):

 Supply & Demand- # units (For Sale,SOLD,New)

Average Days On the Market of Homes Under Contract

Median Price (For Sale,Sold)

Under Contract Average DOM   

• Dec '05: 106                                          
• Jan '06:  86
  
• Feb '06:  84
• Mar '06:  90
• Apr '06:  83
• May '06: 84
• Jun '06:  90
• Jul '06:    70
• Aug '06:  63
• Sep '06:  72
• Oct '06:   68
• Nov '06:  69
• Dec '06:  87
• Jan '07:   88
• Feb '07:   97
• Mar '07:   86
• Apr '07:   60
• May '07:   60
• Jun '07:  63
• Jul '07:    61
• Aug '07:   52
• Sep '07:   81
• Oct '07:   60
• Nov '07:  88
• Dec '07:  30

Number Of Homes For Sale

• Dec '05: 481                                          
  
• Jan '06:  478
  
• Feb '06:  519
  
• Mar '06:  572
  
• Apr '06:  599
  
• May '06: 671
  
• Jun '06:  745
  
• Jul '06:    722
  
• Aug '06:  739
  
• Sep '06:  684
  
• Oct '06:   624
  
• Nov '06:  578
  
• Dec '06:  506
  
• Jan '07:   519
  
• Feb '07:   451
  
• Mar '07:   484
  
• Apr '07:   533
  
• May '07:   566
  
• Jun '07:  628
  
• Jul '07:    617
  
• Aug '07:  605
• Sep '07:  549
  
• Oct '07:   583
• Nov '07:  499
• Dec '07:  492

Number of Homes SOLD

• Dec '05:  50                                        
  
• Jan '06:  29
  
• Feb '06:  37
  
• Mar '06:  40
  
• Apr '06:  47
  
• May '06: 47
  
• Jun '06:  51
  
• Jul '06:    49
  
• Aug '06:  44
  
• Sep '06:  46
  
• Oct '06:   38
  
• Nov '06:  37
  
• Dec '06:  34
  
• Jan '07:   30
  
• Feb '07:   42
  
• Mar '07:   41
  
• Apr '07:   47
  
• May '07:   47
  
• Jun '07:  49
  
• Jul '07:    52
  
• Aug '07:  53
  
• Sep '07:  31  
• Oct '07:   34
  
• Nov '07:  27    
• Dec '07:  20

Community Links:

• Northwest Reno Library
• Northwest Neighborhood Advisory Board
• Northwest Reno Classifieds
• The Most Honest Cafe in Reno  (personal favorite)

*  Reno Northwest,Reno Northwest Suburban & Reno Somerset

* Residential homes site/stick built

Updated: Jan 4,2008
Source: Multiple listing Service
Next Release Time: Feb 4 ,2008  (Every 4'th of the month)