Reno Somersett-Northwest Real Estate Market Report: (updated)

"The clubhouse pool at Somersett" 

 

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"Buyers can get a bird's-eye view on the overall Supply & Demand for the Reno Somersett-Northwest  areas"

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About: An in-depth look at the Reno-Northwest (MLS area: 120), Reno Northwest Suburban (MLS area: 121)  & Reno-Somersett (MLS area: 122) real estate market areas.

I used to follow the 'Days on the market' statistic to keep up with the trend in these areas but Craig King, our chief operation officer, advised me to use MSI instead.  He is right.  MSI (months supply of inventory) has turned out to be more dependable.  Thanks Craig.

You can come up with the Months Supply of Inventory by dividing the number of listings by the number of sales.

Hope it helps. 

Time period of December 2005 - March 2010.   

WIIFM (what's in it for me?): This is crucial information for home buyers and home sellers in the Northwest Reno area. 

Sellers can get a realistic estimate on how long it would take for their homes to sell.

Buyers can get a bird's-eye view on the overall Supply & Demand for the Reno-Northwest  areas- comparing the ratio of homes for sale,new homes on the market and homes sold. 

Highlight(s):        

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"Need more homes to sell!"

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• (March 2010) Demand takes a dip; same as inventory.  NEED MORE HOMES TO SELL.

• (January 2010) Summer is going to make life hard for buyers under $170,000.

• (October 2009)  Median price is still going down but not as much as a year ago.  Inventory (MSI) is at a thrilling 2 months! (Meaning at current pace it'll take 2 months to sell all inventory).

• (August 2009) Median price in the Northwest area (graph not shown)--though still going down as a whole-- is starting to fight back.  One month is up then the next is down.  But more up months than in the past two years.  Starter homes priced below $180,000 has been very attractive for a lot of buyers--first time and investors.

• (July 2009) MSI (inventory) is down (a good sign).  People are buying a lot of homes in this area supply can't even keep up.  But prices have yet to hit bottom.

• (June 2009) Supply is still on a nose dive.  Demand is up the roofs.  Inventory (inevitably) is way down (a good sign).

• (May 2009) Inventory is at 2.5 months--a two-year low (positive sign)!

• (Apr 2009) Homes sold and homes in contract are going up since January 2009.  MSI (inventory is down to 2.1 months! a good sign).  If you are thinking of selling your home, pay attention to this data--sell while supply is low! Median price is still going down--but I wonder for how long?

• (Mar 2009) Demand (higher) and MSI (lower) continue to perform well.  A very good sign. 

• (Feb 2009) 3.6 months supply of inventory is even better than last month's low number (lower is better).  Sellers are still wary of the market, but expect this to go up come spring and summer.  Sellers, now is the time to prepare for the summer buyer rush.

• (Dec 2008) Inventory is down.  Demand is even. Months supply of inventory is at 6.4 mos (from 11.3 months!).  This is good numbers!

• (Oct 2008)  Median price continue to go South.  But demand is still going up since January  of this year.  Supply is lukewarm.

• (Sept 2008) Demand continue to go up.  Supply is still relatively low if you compare  it from the previous three to five years.  Median price continue to struggle but MSI (months supply of inventory) is low (a good sign).

• (Aug 2008) I haven't seen supply and demand this good in years!  Reno-Northwest and Somersett area seems to be heading for a market bottom in terms of demand.  Hope the price reaches a bottom as well.  We'll wait and see.

Click Here To Read History of Comments

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Call Joe at 775-338-7653  for a Free-No Pressure - No Obligation Market Analysis of s specific zip code you are interested in!

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Graph(s):

 

Supply: Somerset-Northwest Real Estate

(click image to enlarge)

 

 

Demand: Somersett-Northwest Real Estate

(click image to enlarge)

 

MSI- Months Supply of Inventory

(click image to enlarge)

 

 

Months supply of inventory

 

 

 

 

 

 

• Mar '10:  1.9 mos.

• Feb '10:  2.9 mos.

• Jan '10:  3.6 mos.

• Dec '09:  6.8 mos.
  

• Nov '09:  5.8 mos.

• Oct '09:  4.3 mos.

• Sep 09:  3.5 mos.

• Aug '09:  3.8 mos

• July '09:  4.3 mos.

• June '09:  5.2 mos.
  

• May '09:  4.6 mos.

• April '09: 4.0 mos.

• Mar '09:  6.3 mos.

• Feb '09:  5.6 mos.
  

• Jan '09:  7.5 mos.
  

• Dec '08:   8.8 mos.
  

• Nov '08:  11.8 mos.

• Oct '08:  10.2 mos.

• Sept '08:  7.6 mos.

• Aug '08:  10.2 mos.

• Jul '08:  9.2 mos.

• Jun '08:  8.8 mos.
  

• May '08:  8.8 mos.

• Apr '08:   7.9 mos.

• Mar '08:   8.5 mos.

• Feb '08:  10.2 mos.

• Jan '08:  13.6 mos.

• Dec '07:  25.4 mos.

• Nov '07: 14.1 mos.

• Oct '07:   14.7 mos.

• Sep '07:  16.0 mos.

• Aug '07:  12.7 mos.

• Jul '07:    8.5 mos.

• Jun '07:   8.0 mos.

• May '07:  8.1 mos.

• Apr '07:   6.5 mos.

• Mar '07:   10.6 mos.

• Feb '07:   6.6 mos.

• Jan '07:   7.4 mos.

• Dec '06:  13.1 mos.

• Nov '06:  11.1 mos.

• Oct '06:   11.9 mos.

• Sep '06:  15.2 mos.

• Aug '06:  10.3 mos.

• Jul '06:    11.7 mos.

• Jun '06:  12.0 mos.

• May '06:  9.1 mos.

• Apr '06:   9.8 mos.

• Mar '06:   7.8 mos.

• Feb '06:   10.6 mos.

• Jan '06:   12.4 mos.

 

Number Of Homes For Sale:

• Mar '10:  368

• Feb '10:  373

• Jan '10:  351
  

• Dec '09:  351
  

• Nov '09:  353

• Oct '09:  379

• Sep '09:  410

• Aug '09:  413

• July '09:  438

• June '09:  417
  

• May '09:  414

• Apr '09:  435
  

• Mar '09:  433

• Feb '09:  438

• Jan '09:  424
  

• Dec '08:  445
  

• Nov '08:  460

• Oct  '08:  489

• Sep '08:  531 

• Aug '08:  552

• Jul '08:  577

• Jun '08:  560
  

• May '08: 542

• Apr '08:  531

• Mar '08:  530

• Feb '08:  505

• Jan '08:  489

• Dec '07:  477

• Nov '07:  470

• Oct '07:   545

• Sep '07:  512

• Aug '07:  566

• Jul '07:   578

• Jun '07:  602

• May '07:  570

• Apr '07:   542

• Mar '07:  497

• Feb '07:  475

• Jan '07:  534

• Dec '06:  524

• Nov '06:  611

• Oct '06:   687

• Sep '06:  739

• Aug '06:  804

• Jul '06:   763

• Jun '06:  763

• May '06:  680

• Apr '06:   577

• Mar '06:  548

• Feb '06:  482

• Jan '06:  478

• Dec '05:  481

Number of Homes SOLD:

• Mar '10:  56
  

• Feb '10:  46

• Jan '09:  46
  

• Dec '09:  53
  

• Nov '09:  65

• Oct '09:  85

• Sep '09:  74
  

• Aug '09:  66

• July '09:  68

• June '09:  69
  

• May '09: 48  

• Apr '09:  66
  

• Mar '09:  59
  

• Feb '09: 36
  

• Jan '09:  28
  

• Dec '08:  37

• Nov  '08: 38

• Oct  '08:  44

• Sep '08:  54

• Aug '08:  50
  

• Jul '08:  56

• Jun '08:  52
  

• May '08:  49

• Apr '08:   50

• Mar '08:  36

• Feb '08:  29

• Jan '08:  17

• Dec '07:  27

• Nov '07:  27

• Oct '07:   35

• Sep '07:  32

• Aug '07:  53

• Jul '07:   52

• Jun '07:  62

• May '07:  52

• Apr '07:  51

• Mar '07:  47

• Feb '07:  51

• Jan '07:  33

• Dec '06:  40

• Nov '06:  42

• Oct '06:   42

• Sep '06:   49

• Aug '06:  55

• Jul '06:    52

• Jun '06:  58

• May '06:  48

• Apr '06:  48

• Mar '06:  41

• Feb '06:  37

• Jan '06:  29

• Dec '05:  50

Community Links:

• Somersett.com
• Northwest Reno Library
• Northwest Neighborhood Advisory Board
• Northwest Reno Classifieds
• The Most Honest Cafe in Reno  (personal favorite)

P.S-   If you have some comments or would like to correct anything in the article,kindly send your thoughts I'd love to hear them!  You can also call me on my cellphone for any questions you may have: Joe- 775-338-7653

 

*  Reno Northwest,Reno Northwest Suburban & Reno Somerset

* Residential homes site/stick built

Updated: April 6, 2010 (17'th update)

Source: Multiple listing Service

Next Release Time: May 4 ,2010  (Every 4'th of the month)