Reno-Tahoe Housing Market 2011 Year-End Recap
It's now mid January and with everything getting back to busines as ususal in 2012, it is time to look back onto 2011 from a real estate perspective to see how the year compares to others in our recent history. If you are a regular reader of my blog, you are no stranger to the trend of decreasing home values and increasing sales volumes over the last few years. With 2011 in the books, I am excited to write about how some of the trends shape up. See the table below for starters!
2011 Year End Highlights
(2011 to 2010 and 2011 to Peak Years)
|City||2010||2011||%||Peak Year||Peak Price||2011||%|
Single Family (Stick Built)
Sales Volume (2011 to 2010 and 2011 to Peak Years)
|City||2010||2011||%||Peak Year||Peak Volume||2011||%|
2011 Key Statistics Summary
- Sparks home sale volume was higher in 2011 than any previous year since 2003. This is significant and demonstrates the level of activity in today's market relative to the frenzy during the market peak periods in 2005.
- Not far behind, Reno sales volume fell just 180 units (or 4.3%) below its peak sales volume reached in 2005.
- Sales volume in Dayton was 38.9% higher in 2011 than 2010 AND was 15.3% higher than Dayton's recent peak sales volume year of 2005.
- All other local markets were between 30% and 51% below their recent peak years of sales volume.
- Median home price for all markets (excluding Tahoe) was down between 10% to 19% from 2010.
- Likewise, the 2011 median home price as measured from "peak" years is down between 45% and 65%.
- [Editor's Note: my apologies for the above tables not sorting correctly for all columns!]
AB 284 Progress - The Trend Continues...
In the November, 2011 blog post, I gave a summary overview of the AB-284 bill and how it has caused a near halt to the filing of Notices of Default throughout the state of Nevada. This 'trend' has continued into December. I am including a link to a chart that will show how this situation is unfolding:Ticor Title Washoe County Housing Statistics Summary. At the earliest, we could begin to see some REO inventory levels going down in the February/March timeframe. It is more likely that the impact of AB-284 on the REO inventory will beging to take shape in the second quarter of 2012, unless the bank's have sufficient 'shadow inventory' to release into the market - time will tell!
Below is a brief summary of each local market with year over year details:
- Reno - During December, home sales were up 12% from December, 2010 - 362 homes sold. December's median sold home price was $160,750 - 7% below December, 2010. Reno Months of Inventory for January is at 5.8 months - 13% lower than January, 2010. At 5.8 Months of Inventory, pricing should remain relatively flat, however, this may not be the case due to the high percentage of distressed properties in the market. Consistent with all markets in the region, AB-284 impact (reduced bank owned inventory) could limit supply and influence pricing to be more stable or possibly upward until the bank's figure out how to manage in this new environment.
- Sparks - Sparks homes sold in December totaled 163 (up 9% from one year ago December sales); median home price equals $152,000 - 2% lower than the Sparks median home price one year ago. Months of Inventory for Sparks is at 5.1 months, 15% lower than January, 2010.
- Carson City - There were 47 homes sold during December, 2011 which represents a 21% increase from December, 2010. Carson City's median home price was $133,000 in December - down 28% from prices a year ago and a new low in this market cycle. At 6.1 Months of Inventory, Carson City's key metric of buy/seller market is down 28% from one year ago and is now entering the range for more stablility in price.
- Carson Valley - Homes sold in December 2011 totaled 51 - a 20% decrease over December, 2010. The Carson Valley median home price at $220,000 is 2% below December, 2010. At 7.0 Months of Inventory (down 17% from the same time one year ago), this market is moving closer towards more stable pricing but is likely still a ways off.
- Lake Tahoe - With 8 homes sold in December, the Tahoe market (Douglas County only) was 167% higher than the December, 2010 sales volume. Months of Inventory, at 15.2 months, is 23% higher than January, 2010. The median home price was $553,000. Due to the small sampling size of homes sold and the wide range of home prices at Lake Tahoe, the median price shows wide fluctuation on a monthly basis.
- Dayton - Dayton home sales in December, 2011 totaled 31 homes - 48% more than what sold in December, 2010. Months of Inventory is at 6.0 months - 28% lower than one year ago. Dayton median home price, at $105,000 is down 7% from one year ago.
- Fernley - The median home price for Fernley in December, 2011 was $90,000 - a 7% decrease over the median Fernley home price in December, 2010. Fernley saw 47 homes sold representing a 47% increase over December, 2010. Months of Inventory is at 4.9 months which is the lowest in the region. The most recent "trough" for Fernley median home price was in January, 2011 at $76,000. Given the latter fact and the low months of inventory, there is a possibility that Fernley may have reached its bottom - only time will be the true judge!
If you want more details and a monthly email reminder each month when I post up new housing trends, you can read up and/or subscribe to The Greater Reno-Tahoe Real Estate Report on our web site.
Wishing you all the best in 2012!
Broker - CalNeva Realty