Reno Nevada Market Statistics for August 2010
Prepared By Terrie Leighton. Realtor, Ferrari-Lund Real Estate in Northern Nevada
Here are a few real estate statistics for Reno, Nevada for August 2010
Sold = 250
Average List Price = $243,499
Average Sold Price = $229,096
Days on the Market = 122
Let's compare these numbers to the homes sold last year the same time:
The following numbers are for single family homes sold in August 2009:
Sold = 300
Average List Price = $243,499
Average Sold Price = $233,113
Days on the Market = 133
The average sale of a single family home sold during August 2010 decreased less than 2% from the same time in 2009. With only a 2% drop in home prices, could this be a sign the Reno real estate market is finally reached the market bottom?
The August 2010 market continued to see distressed properties sell during this time. At least 126 single family homes were sold with special conditions. Out of 250 single family homes that sold last month, 80 of these were bank owned and 46 were short sale properties.
At least 50% of all single family residences sold in August 2010 were distressed. The house market in Reno, Nevada does appear to be stabilizing but the amount of home owners who are no longer able to make their monthly mortgage payments shows us we are still in a very volatile house situation. There is no way to predict when this housing crisis will end.
The good news is that interests rates are still at a record low and home buyers are taking advantage of low housing prices and low interest rates. If you would like to search for a Reno, Nevada home for sale, visit my website at www.Terrieleighton.com
The above statistics are for single family homes and do not include condos or multi-family homes.
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