One of the tools I work with to analyze Reno real estate is of course the mls database. As many of you know, I generally slice it up according to areas. Sometimes I like to use zip codes, compass headings; South Reno homes, Southwest Reno homes, North Reno homes, Northwest Reno homes, etc.

You can view the latest report based on mls statistics for single family homes in the Reno area. Just click this link rsar homes report   The report is in Adobe PDF format and you will need Acrobat Reader to view it. 

Paul Armstrong, my Reno Buyers Agent from Coldwell Banker Village Realty McCarren office will be presenting this powerpoint presentation at the Reno Real Estate Investors meeting the first Tuesday in March at the Reno Board of Realtors at 6:00.  Paul has a great way with this kind of stuff and it should be interesting.

Be careful, it has outskirt areas that were speculated on and overbought in 04-05 and the builders are fire selling/upside down homeowners walking (kind of a Vegas thing) it may not reflect individual areas. See my Happy Holidays/07-08 update under local market for more on that scenario.

Conversely, these same areas I told people to avoid and take money off of the table can be found my Local Market  tab with my April 04 blog titled Sailors and Gypsies.  At the time, everyone thought I was crazy for hating real estate; the same as they think I am crazy now for loving real estate.  (Bought 3 rentals so far recently, still looking).  It is important to note, my model is showing a buy for So. Reno and a couple of other areas, that is why I am buying (statistical, not emotional/media driven).

Many times, (using mls data) I will isolate or add different home areas to get a true representation.  I would for example; isolate Montreux homes at the Montreux golf course, Arrowcreek at the Arrowcreek golf course, Somersett at the Somersett golf course, Caughlin Ranch, Franktown et al.

Obviously, I wouldn’t compare a Caughlin Ranch home with an Old Southwest home although they can be in the same general area as a computer map looks at them. As many of you know, that is my concern (soft rant sometimes) with Zillow and some of these other for profit house value sites.

At first, I embraced the online valuation model as they would show the property at close to sometimes less value and the sellers were realistic.  As the market changed, the models were grossly overpriced.

In a buyers market they (online valuations) benefit the buyer as they lag by months sometimes during an upward trend. In a sellers market, the valualtions benefit the seller as the lag in data finds older sales for a higher price as the market trends down, ie; active listings dropping faster than previous sales.  This historical reporting data is similar to what appaisors use and is one of the reasons banks are holding the bag now as they relied on historical (old and stale) data.

I can’t tell you how many listing presentations I have been on and they whip out the Zillow card. It then becomes a bit of a tug of war of prices and statistics.  I have to admit, sometimes they won as I just gave back a lot of overpriced listings to the sellers and continue to avoid Zillow addicted sellers living in the past.

I then got to a point where I felt they (online valuation sites) were doing a disservice to the buyers and sellers of Reno real estate/homes. It hit me one day; they are doing a GREAT service to Realtors as they are so far off, buyers and sellers would be compelled to call on a Realtor to sort the mess out.

So always remember, statistics, like opinions; everyones got one, it is up to you to sort them out.

My SEO person wants me to keep my blogs a little shorter so I will wrap it up. I hope I have added some insight to some of these different statistics during my mini series. Let me know what else you would like covered.

If I can help you, your friends, family or neighbors with any real estate needs, check me out.

Your friend and Reno Realtor,

Ron Bell

750-5256

Filed under: 2008 Statistics