Reno Nevada Homes For Sale - 2007 to 2006 Comparison

Greetings -

Tracking the Reno real estate market? Wondering if the Reno market is trending further into "Buyer Market" territory or improving (for home sellers)?

Reno Homes For Sale

Last December (2006), there were 2,452 Reno Homes for Sale in the local MLS. Currently (as of this post date), there are 2,445 Reno Homes for Sale in the local MLS. This represents a very insignificant decline of 7 homes compared to last year - not even worth putting a percentage on at a 0.3% decline. This would lead you to believe the Reno real estate market is about "the same" as last year.

Months of Inventory

A better indicator is the months of inventory in the Reno housing market has changed. Last December (2006), the Reno Months of Inventory was 9.4 (this means it would take 9.4 months to fully deplete the, then current, number of homes on the market - with no new additions). Currently, the Reno months of inventory is at about 12 months. This represents a 29% increase.

Summary

In short, the Reno market has moved 29% in favor of the home buyers in the last year. The months inventory will need to get down to the 4 to 6 months range to reach a "neutral market". With the expected amount of foreclosure sales in 2008, we will probably not likely see a "neutral market" until sometime in 2009 - at the ABSOLUTE earliest.

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