Reno Nevada Market Report ~ Single Family Homes Sold May 2011

Reno Nevada Market Report For May 2011

Prepared by Terrie Leighton, REALTOR® in Northern Nevada

Reno, Nevada saw 316 single family homes close in May 2011

There are now 316 happy new home owners living in Reno, Nevada today. Those lucky home buyers were able to take advantage of low homes prices, the average sales price of a Reno home sold was just under $200,000, and low interest rates. Rates were sitting right around 5% for FHA loans, for the month of May.

Reno, Nevada is a great place to live. Located in the Washoe Valley area in Northern Nevada. We are close, with in an hours drive, to majestic Lake Tahoe. Reno is close, within an hours drive, to many ski resorts. If you live in Reno, Nevada you can take a day trip, approximately three hours away, to the Yosemite National Park. Reno is a great place to live. Reno offers some of the most affordable single family homes available in the state. Take a look at the following market statistics to see how the Reno real estate housing market is doing.

Reno Real Estate Report ~ By The Numbers:

Total Homes Sold in May 2011 = 316
Total Homes Sold In May 2010 = 303
Total Homes Sold in May 2009 = 300

Medium List Price May2011 = $145,000
Medium List Price May 2010 = $188,500
Medium List Price May 2009 = $185,000

Medium Sold Price May 2011 = $144,450
Medium Sold Price May 2010 = $186,900
Medium Sold Price May 2009 = $179,500

Days on the Market May 2011 = 106
Days on the Market May 2010 = 88
Days on the Market May 2009 = 110

The volume of single family homes sold in Reno, Nevada over the past three years is very consistent. May 2011 closed 16 homes more than were closed during this same time 2009 and 13 more than the same time in 2010. The average time on the market is around three months. Reno home buyers looking to get into a Reno home should plan on a three month waiting period.

There was little change in home selling prices from 2009 to 2010 but 2011 saw home prices drop by 34%. Interest rates are still hovering around 5% and have been very consistent over the last three years. A factor that could be affecting the decline in home princes is the job market. Northern Nevada has one of the highest unemployment rates in the nation. It might me a factor or it might not be, the number of homes sold was consistent over the last three years so we cannot be sure.

From the chart above, we see that short sale properties and bank owned properties make up 57% of the single family homes sold during May 2011. Could this be the reason home values have dropped so drastically? Home owners who are no longer able to afford their mortgage are walking away or asking their lien holders to take a loss on the mortgage. I am going to assume that until this process stops, home prices here in Northern Nevada will continue to drop.

However, as the number of home buyers purchasing continue to rise, the real estate market is likely to turn. The three hundred and sixteem individuals, investors and first time home buyers who purchased a single family Reno home in May 2011 tells us that buying real estate is still a good investment. When the market will stabilize is any ones guess but Reno's affordable prices still make home buying desirable.

So if you are Interested in purchasing a single family home in Reno, NV, Currently there are 1481 Actively Listed Homes for sale with a medium list price of $224,000. There are some fantastic opportunities for investors and first time home buyers right now. If you would like to take advantage of some of these great home values, call me at 775-846-5424 or start your Reno Home Search to find the home that is perfect for you and your family.

Last months Market Report:

Reno Nevada Market Report ~ Single Family Homes Sold April 2011

Reno Nevada Market Report ~ Single Family Homes Sold May 2011

*The above statistics are for single family homes only and do not include condos or multi-family homes in Reno, Nevada.

*Dislcaimer : Data based on information from NNRMLS. The NNRMLS does not guarantee nor is any way responsible for its accuracy. All real estate activity is not reflected in this post. Content is deemed reliable but not guaranteed. Reported sales were not necessarily listed or sold by Terrie Leighton or Ferrari-Lund Real Estate.