Reno Nevada Market Report for April 2011
Prepared by Terrie Leighton, REALTOR® in Northern Nevada
Reno, Nevada saw 275 single family homes close in April 2011
There are now 275 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 $216,000, and low interest rates during, rates were sitting right around 5% for FHA loans, for the month of April.
Reno, Nevada Real Estate Report ~ By The Numbers:
Total Homes Sold in April 2011 = 275
Total Homes Sold In April 2010 = 349
Medium List Price for Single Family Reno Home April 2011 = $172,000
Medium List Price For Single Family Reno Home April 2010 = $189,000
Medium Sold Price April 2011 = $163,000
Medium Sold Price April 2010 = $185,000
Days on the Market April 2011 = 103
Days on the Market April 2010 = 78
In comparing the Reno Real Estate Market this year with last year we see an overall decline in the number of single family homes sold, a declining sales prices and longer days each home spent listed on the market. The Reno real estate market is very active with bank owned and short sale properties.
With a smaller number of homes sold over last year means we are still in a buyers market. Medium list prices and medium sold prices were down about 3% from last year. Medium prices continue to fluctuate within in a narrow range. This continued trend of minor fluctuations may indicate we are near the bottom of the market. When the end will come is any ones guess. But as interest rates remain low, buying real estate is still considered a good investment.
Interested in purchasing a single family home in Reno, NV? Currently there are 1415 Actively Listed Homes for sale with a medium list price of $219,000. 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, contact meor start your Reno Home Search to find the home that is perfect for you and your family.
What about those bank owned and short sale properties in Reno? If you are looking for a foreclosure or short sale home, there are many of these types of properties available in Reno, Nevada. Currently there are 154 bank owned Active Listings. The medium list price of a Reno Bank Owned Property is $154,900.
If you are an investor or just a home buyer who has time, not in a hurry, or doesn't need to rush, then a short sale could be a good choice for you. Currently Reno, NV has 484 short sale properties active for sale.The medium listed price for a Reno Short Sale Property is $149,900.
Many home buyers are willing to wait a little extra once they find the home they love. Although the short sale process takes longer than regular sales and REO sales, buyers are considering short sales when they are located in desirable neighborhoods, or in particular school areas or are close to work, shopping, etc. Short sale properties are great investments so why not consider them when shopping for a Reno Home?
*The above statistics are for single family homes only and do not include condos or multi-family homes in Reno, Nevada.
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REALTOR®
Certified Distressed Property Expert (CDPE)
Certified Default Resolution Specialist (CDRS)
Short Sales & Foreclosure Resource ~ Certified (SFR)
Ferrari-Lund Real Estate
775.846.5424
Terrie - Very interesting to read how other parts of the country are doing... And it looks like you are doing quite well... Nice job and interesting news ... Best of luck and continued success
Thank you Lisa and Robert ~ I enjoy learning what other areas aer doing as well. You do a terrific job at reporting on your local real estate market areas as well.
Terrie, Is the 245 homes sold in Reno just Reno or does that include Sparks and surrounding areas?
Terrie, Great information! It looks like buyers are buying, with no tax incentive to boost sales numbers, it is still a pretty good number of homes sold! Our market is similar, home prices are still declining, we still have too many distressed homes on the market to get sold, then prices should begin to stabilize!