Real Estate Information Archive

Summer is here finally! and I am happy to report that we are selling homes in Somersett.

Here are the latest updates for this great golf course community in North West Reno.

104 homes Active for sale (32 of them in some form of contract) leaving 72 fully active.

Sales Rate (often referred to as absorption rate): 12.33 homes sold per month from April 1st through June 30th.

Months of remaining inventory: 5.83. A balanced market is considered to be 6 months of supply.

Happy home hunting!!

Sales continued to rise in the under $150,000 price range in June (184 sales) over May (155 sales). As previously reported there was an overall increase in sales June over May and all of the identified price points reflected an increase in the number of sales. Of interest is that 31 closings were over $450,000 and 21 closings were over $500,000. Of those 31 sales 5 were short sales and 5 were bank owned. The highest priced short sale had an original price of $1,054,000 and sold for $700,000, a home in the Galena Forest.

Source: Reno Sparks Association of Realtors.