Here is the Godfather of statistics and SEO guru Mitch Argon from Free Nevada Move, give it up:

April, 2009 Issue is now available the-greater-reno-tahoe-real-estate-report.pdf

• Increased Market Activity - The trend of increased market activity continues in nearly all local markets.  Each of the following markets is up (compared to single family homes sold in March, 2009): Reno – 43%, Sparks – 98%, Carson Valley – 11%, Lake Tahoe – 29%, Dayton – 40%, and Fernley – 68%.  The only market to show a decrease is Carson City at 22% less homes sold.
  
• Continued Downward Price Pressure – Every local market has recorded a median price with a recent low since January, 2009.  Two local markets recorded their lowest marks since the rapid increases earlier this decade:  Reno’s March 2009 median home price was $200,000 (down 30% from March, 2008) and Carson City’s March 2009 median home price was $180,000 (down 27% from March, 2008).
  
• Affect on Buyer vs. Seller Market? – While all of the local markets are still in sold “Buyer” territory, the lower priced properties are being purchased at a fairly rapid rate.  In this month’s report, you will see the “Months of Inventory” falling in all markets (except Tahoe – up 18% and Carson City – up 7%) which indicates a trend towards a ‘balanced market’ where prices will be declining less and eventually stabilize.  Months of Inventory for the following markets is down from April, 2008 as follows: Reno – 16%, Sparks – 23%, Carson Valley – 12%, Dayton – 16%, and Fernley – 40%.  See the report for more details and definitions.From the trenches…. I have personally been involved in numerous “multiple offer” situations over the last month or two and there are many current buyers who, upon closing, will benefit from the $8,000 tax credit (expires on 12-1-09), continued low interest rates, and a lower house payment than their current rent payment – this is driving buying activity at the price ranges under $200,000. All of this said, distressed properties (bank-owned and short sale) continue to dominate the buying activity and I have not personally witnessed any slowdownn in activity as a result of recently announced federal programs – substantial reduction of new inventory in this segment of the market would dramatically impact supply/demand and, in some time, prices.

Filed under: 2009 STATISTICS