Reno Stead Real Estate Market: Good News--Supply & Demand, MSI Up!
Last night I had a good talk with an investor who asked for a Stead market overview.
The Stead area (North part of Reno) is a prime candidate for a market rebound. Though median price is still falling, everything else is in positive territory. Homes in Stead have been selling due to it's first time home buyer price appeal--$150,000 TO $190,000.
I did a posting on this last August.
Perhaps what's most surprising for me is the months supply of inventory (see third graph)--down to 4.7 months!
Reno-Stead Supply Of Homes
(click image to enlarge)
Reno-Stead Demand of Homes
Reno-Stead Months Supply Of Inventory
(click image to enlarge)
Your thoughts? (2)
Leave a comment
| Customer Service: | 775-338-7653 | Email: | jsalcedo@chaseinternational.com |
| Office Address: | 985 Damonte Ranch Pkwy. Ste. 110 Reno, NV 89521 |
Disclaimer: All information in this Blog are deemed reliable but not guaranteed. Any action that you take as a result of information, analysis, or advertisement on this site is ultimately your responsibility. Consult your investment adviser before making any investment decisions."
Wow. This is not my area of expertise, but it looks like a significant and encouraging change to me. Thanks for reporting it.
One little caveat--I keep hearing banks are keeping a lot of foreclosed homes off the market. If that's true, and if the inventory in the chart above includes only the homes on the market, then it's not a true measure of the inventory in the area because the banks will eventually put the homes up for sale.
Ann,
That's how I felt! I actually have heard those rumors too. I have no doubt that it could be true.
Though personally, to make things simple I take things how they are in MLS. Then I'll just adjust once it does happen.