State of Reno Real Estate Market

Here's a quick view on the Reno real estate market:

Reno Median Price Sold: $185,000

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Reno Median Price Home For Sale:  $260,000

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Months Supply Of Inventory (MSI):  3.8 months

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*Prices are still going down due to plummeting mid to high end homes values.

I discovered something new today.  Reno median price sold--$185,000.  Reno median price home for sale (2nd graph): $260,000. 

Why is there a big difference? Are sellers still trying to sell their homes at inflated prices? Are people just buying starter homes?  Is this the short sale effect (takes too long to get it closed, the price has sunk!)? One thing's for sure, first time home buyers are talking the bulk of the homes in the market. 

Sellers: try to price your home at the top three in the neighborhood.