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You can now search for a home in Reno, Sparks, Carson City, Dayton / Virginia City, Fallon, and Lake Tahoe area using the new Reno Realty listings MLS home finder. We have teamed up with Northern Nevada Regional MLS to provide residential, commercial, business opportunities multi-family homes, farms and ranches, homes for rent and even vacant land MLS listings all across northern nevada. If you are searching for a home in the Reno / Sparks area you will want to use the Reno MLS. With the Reno MLS you can search for Northern Nevada homes that fit your criteria. You can specify the price of the home, the size and number of garages, square footage, specific locations or number of bathrooms. With the Reno MLS you you can find the home of your dreams without having to leave the computer!

As Reno Home Prices Go Up, the Number of Reno Home Sales Dip

Although median prices for an existing single-family home rose slightly in Reno and Washoe County, the sales dropped during the first quarter, according to a Reno Realty report obtained Wednesday by the Reno Gazette-Journal. The median price was $315,000 in the Reno-Sparks areas during the first three months of 2007, up from $314,250 during the fourth quarter, according to the report by the Northern Nevada Multiple Listing Service. Although sales recorded by the Reno MLS dropped from 929 in the fourth quarter to only 830 in the first quarter, definitely a sign that the local real estate market has not fully recovered from last year's slide.

"I think we have seen the worst," said Tom Cargill, economist at the University of Nevada, Reno. "I think 2006 was the most difficult year, but 2007 is going to be lackluster at best. "Sales are likely to remain flat or go up or down a little. I don't see them plummeting. House prices are likely to stabilize, and they could come down a little more because there is still a considerable volume of inventory out there."

At the boom of the real estate market people were becoming realtors at an exponential pace. After interviewing a print show that specializes in real estate business cards and realtor business cards he told me that they where doing so many business cards for real estate agents that they had to purchase an new press to keep up. It seemed as if everyone tied into the real estate market was benefiting from the skyrocketing home prices.

The Reno-Sparks Association of Realtors, in a separate report Wednesday, said the median, the point where half the homes sold for more and half less, for single-family homes was $308,000, up from $305,000 in the last three months of 2006. That report also said sales slipped, from 1,108 in the fourth quarter to 972 in the first quarter. The association said the numbers vary from the MLS because it is implementing more data from the Washoe County recorder's office, which it hopes provides a more accurate picture because it will have a larger sample size.

The number of listings for existing single-family homes on MLS increased to 3,442 during the first quarter, up from 3,278 in the fourth quarter but well below the nearly 7,000 homes listed at its peak in 2006. But inventory increased in every month during the quarter compared with the month before, according to the report. If that trend continues along with sales decreasing, a glut of homes could once again hit the market. "You are seeing fewer houses for sale, but still a lot of inventory out there," Cargill said. "That's why I think prices are still soft."

The median price of a condominium or town home in the area fell from $181,225 in the fourth quarter to $179,000 in the first, according to the MLS report, while sales dropped from 171 to 141.Reno continues to have the most expensive homes of the three areas in the Reno-Sparks metropolitan area. The median price for an existing Reno single-family home was $353,500, down from $375,000 in the fourth quarter. The Sparks median was $290,000, down from $295,000, while the North Valleys fell to $256,000, down from $257,000 in the fourth quarter. The MLS and RSAR reports exclude Incline Village, because the high price of homes there skew the overall numbers.

When is the right time to buy in the Reno Nevada real estate market?

Why not now? There are many great homes for sale in the Reno, Sparks, and surrounding areas. If you don't believe me try the Reno MLS home finder. As a responsible realtor I keep up on all the latest news in the Northern Nevada real estate industry. The consensus is that Reno home prices are going to continue to rise at a slow and steady pace over the next few years. So if you have been waiting to buy your patience has paid off. Now is the time to make the move.

When it comes to purchasing a home in Reno it's important to have a Realtor at your side that specializes in the Reno / Sparks area. Reno Realty is one of the oldest and most trusted names in Reno Nevada Real Estate. Reno Realty will make sure you are getting the best possible house for your money, even if we have to show you every singe one of them. That is the Reno Realty customer service guarantee. At Reno Realty we have a whole office of real estate agents working hard to make sure you get the Reno home you want at a price you can afford.

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