I was doing an analysis tonight for a seller and wanted to share this information with you.

Total number of condos and single family homes sold so far this year through October 29, 2007, in the Northwest & Northgate/Somersett areas of Reno is 533 homes.  The average price for a home sold was $335,776.  The median price for a home sold was $300,000.  The average market time was 116 days.

Taking a look last year, 2006, we see the following:  498 condos and single family homes were sold through October 29, 2006.  The average price for a home sold was $355,758.  The median price for a home sold was $322,750.  The average market time was 93 days.

Soooo...lets go back to 2005, when we really were short of properties for sale.  787 condos and single family homes were sold through October 29, 2005.  The average price for a home sold was $367,374.  The median price for a home sold was $335,500.  The average market time was 79 days.

The above information is taken from our local Multiple Listing Service.  Neither the Reno/Sparks Association of Realtors nor it's MLS is responsible for the accuracy of this information.  Sales data shown may not  include all sales in the area.

It looks like Reno and Sparks have joined the big cities that have experienced this type of market at different times in the past.  I know it has happened  in California before and I remember when Denver was in a similar market and also Texas went through a difficult time in housing a number of years ago.  I will show you some more comparisons in the days to come.  I have seen information presented showing that over a 10 year period there has been about a 6% yearly increase in value on residential properties.  Let me know any information you would like posted about Reno and Sparks real estate.  You can also post information you might have about city development or other interesting topics.

Thanks,

David Wiggins   CRS   ePRO   RECS

www.RenoRealEstateGroup.com