Reno Nevada Market Report for October 2009

Reno Nevada Market Report for October 2009 ~ Wahsoe County Nevada

Here are your market statistics for single family homes sold in Reno, Nevada during the month of October, 2009:

There were 380 single family homes sold. October saw an increase in single family homes sold over the month of September 2009. There were only 311 homes sold last month.

The average sold price during October was $230,844 with an average of 126 days spent on the market. During the previous month, the average sales price of a single family home was $248,784. Home prices dropped slightly from September to October.

Bank Owned properties sold in October totaled 118. The average sales price of a bank owned property was $171,946 and averaged an 80 days on the market. There were on 105 bank owned single family homes sold during September 2009 with an average sold price of $169,486.

Short sale properties sold (homes that required a third party approval) saw a increase over the previous month. There were 94 short sale properties sold during October while there were only 72 sold during September. The average sold price was $208,465 during October and $228,858 during September. The average length of time spent on the market was at least 198 days.

Out of 380 single family homes sold during October 2009, only 168 homes were sold without any special conditions. This shows foreclosures and short sale properties still have a huge influence on our real estate market here in Northern Nevada. As long as there is still a larger number of homes with special conditions being sold over homes with out those conditions, I believe we will continue to see our single family residence home prices continue to drop.

Reno Nevada Market Report October 2009

~ The numbers posted in this market report are believed to be accurate but are not guaranteed by the author. The numbers used in this report were taken from the Northern Nevada Multiple Listing Service.