Reno Somersett-Northwest Real Estate Market Report: updated May 5,2008

The view from Somerset-Northwest Reno NV

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"Buyers can get a bird's-eye view on the overall Supply & Demand for the Reno Somersett-Northwest  areas"

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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.

I used to follow the 'Days on the market' statistic to keep up with the trend in these areas but Craig King, our chief operation officer, advised me to use MSI instead.  He is right.  MSI has turned out to be more dependable.  Thanks Craig.

You can come up with the Months Supply of Inventory by dividing the number of listings by the number of sales.

Hope it helps.

Time period of December 2005 - April 2008.   

WIIFM (what's in it for me?): This is crucial information for home buyers and home sellers in the Northwest Reno area. 

Sellers can get a realistic estimate on how long it would take for their homes to sell.

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. 

Highlight(s):        

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"The market, especially in the Northwest, is beginning to show some strength."

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As Predicted the number of homes SOLD and number of homes for sale in the Northwest-Reno area went up.  Thirteen more homes were added to the market while we sold 42 homes in the month of April compared to  36 homes the previous month.

The market, especially in the Northwest, is beginning to show some strength.  Not strong enough to influence prices to go up but buyers seem to be going out slowly but surely.  I hope it continues.  I can barely wait for home prices to stabilize and go up again.

Call Joe at 775-338-7653 he'll be more than happy to share to you how best to negotiate your dream home.

Graph(s):

Supply & Demand- Number of units (For Sale,SOLD,New) Click Here For Full Page View 

MSI- Months Supply of Inventory Click Here For Full Page View

*Note: For some unknown reason the result of the latest month always comes out higher than it really is, but fear not, based from experience it will adjust to the real MSI after a month.

• Apr '08:   19.8 mos.

• Mar '08:   7.7 mos.

• Feb '08:  8.0 mos.

• Jan '08:  11.6 mos.
  
• Dec '07:  19.6 mos.

• Nov '07: 13.0 mos.

• Oct '07:   12.9 mos.

• Sep '07:  13.3 mos.

• Aug '07:  11.3 mos.

• Jul '07:    8.4 mos.
  
• Jun '07:   8.0 mos.
  
• May '07:  7.4 mos.

• Apr '07:   6.5 mos.

• Mar '07:   10.4 mos.

• Feb '07:   6.7 mos.

• Jan '07:   7.3 mos.

• Dec '06:  13.2 mos.

• Nov '06:  11.2 mos.

• Oct '06:   12.0 mos.

• Sep '06:  15.3 mos.

• Aug '06:  10.3 mos.

• Jul '06:    11.7 mos.

• Jun '06:  12.0 mos.

• May '06:  9.1 mos.

• Apr '06:   9.8 mos.

• Mar '06:   7.8 mos.

• Feb '06:   10.6 mos.

• Jan '06:   12.4 mos.

Number Of Homes For Sale:

• Apr '08:  483

• Mar '08:  470

• Feb '08:  451

• Jan '08:  453

• Dec '07:  446

• Nov '07:  442

• Oct '07:   520

• Sep '07:  496

• Aug '07:  556

• Jul '07:   573

• Jun '07:  599

• May '07:  575

• Apr '07:   547

• Mar '07:  502

• Feb '07:  480

• Jan '07:  539

• Dec '06:  529

• Nov '06:  616

• Oct '06:   693

• Sep '06:  742

• Aug '06:  805

• Jul '06:   764

• Jun '06:  764

• May '06:  680

• Apr '06:   577

• Mar '06:  548

• Feb '06:  482

• Jan '06:  478

• Dec '05:  481

Number of Homes SOLD:

• Apr '08:   42

• Mar '08:  36

• Feb '08:  27

• Jan '08:  17

• Dec '07:  27

• Nov '07:  27

• Oct '07:   34

• Sep '07:  31

• Aug '07:  53

• Jul '07:   52

• Jun '07:  62

• May '07:  52

• Apr '07:  51

• Mar '07:  47

• Feb '07:  51

• Jan '07:  33

• Dec '06:  40

• Nov '06:  42

• Oct '06:   42

• Sep '06:   49

• Aug '06:  55

• Jul '06:    52

• Jun '06:  58

• May '06:  48

• Apr '06:  48

• Mar '06:  41

• Feb '06:  37

• Jan '06:  29

• Dec '05:  50

Community Links:

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

P.S-   Hey, if you have some comments or would like to correct anything in the article,kindly send your thoughts I'd love to hear them.

*  Reno Northwest,Reno Northwest Suburban & Reno Somerset

* Residential homes site/stick built

Updated: May 5,2008
Source: Multiple listing Service
Next Release Time: June 4 ,2008  (Every 4'th of the month)

Comments

[Mark]

hey, thanks for this report.

Is this for all of reno northwest?

[Joe Salcedo]

Mark,

Your welcome.

This is for: Reno-Northwest (MLS area: 120), Reno Northwest Suburban (MLS area: 121) & Reno-Somerset (MLS area: 122) real estate market areas.

Hope everything goes well with you.