How’s the Reno Market? Fourth Quarter 2007 With a Photo of Reno, NV

Median single-digit price decreases for standard two-story homes in Washoe County did little to entice buyers back into the housing market in the fourth quarter of 2007. Longer listing periods (+24 days) coupled with reduced market activity (-28%) continued to create challenging selling conditions, according to a report released today by the research division of Prudential Nevada Realty, based on an analysis of MLS data.

Median house prices dipped nine percent to $349,251, year-over-year, as many area homeowners decided to hold off on selling their homes until more stable market conditions return. With almost all of the markets surveyed in Washoe County experiencing median price decreases in the fourth quarter, it is expected that prices will continue to lower another five to 10 percent before the current market correction works its way through the area. Due to favorable pricing, seller incentives and low interest rates, current inventory presents excellent purchasing opportunities for buyers seeking homes at all pricing levels. In

the short term, challenging conditions will prevail; however, with a number of large commercial construction projects underway and a gradual return of investors to the area, fears of worsening market conditions have begun to subside.

Lake Tahoe 30-45 Minute Drive from Reno

How's your market?

Catherine T. Sinocruz, e-Pro, ABR, GRI, CRS
Broker-Salesperson
"Fluent in English & Tagalog"
http://www.catherinenevadahomes.com/ ~ Homes for Sale
info@CatherineNevadaHomes.com ~ Stay in Touch
Prudential Nevada Realty
1675 Robb Drive, Suite 6
Reno, NV 89523
(775) 338-3757 Mobile

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