The real estate market continues to struggle in Northern Nevada. The medium price of homes sold fell from $352,000 in Sept., 2005 to $298,500 in Sept., 2007. This represents a decrease of 15.2%.
The number of homes sold also fell from 531 homes sold in Sept., 2005 to 225 sold in Sept., 2007. This represents a decrease of 57.6%. At the end of September the residual inventory of single family homes for sale (on MLS) was 3,268 homes. This mounting inventory will most likely continue to drive prices down.
Data is courtesy of my Broker at RE/MAX Realty Affiliates and NNRMLS. It includes residential (site/stick built) single family homes in Washoe County.)