Tracking the Carson City real estate market? If you are contemplating Buying or Selling in the next 12 months, you may be wondering if the Carson City real estate market is moving towards a "buyer" or "seller" market?
Last December (2006), there were 396 Carson City Homes for Sale in the local MLS. Currently (as of this post date), there are 402 Carson City Homes for Sale in the local MLS. This represents a negligible increase of 6 homes compared to last year. This would lead you to believe the Carson City real estate market is just a "tad bit" further into Buyer market territory from one year ago.
Months of Inventory
A better indicator is the months of inventory in the Carson City housing market has changed. Last December (2006), the Carson City Months of Inventory was 9.0 (this means it would take 9.0 months to fully deplete the, then current, number of homes on the market - with no new additions). Currently, the Carson City months of inventory is at about 12.2 months. This represents a 36% increase.
In short, the Carson City market has moved 36% in favor of the home buyers in the last year. The months inventory will need to get down to the 4 to 6 months range to reach a "neutral market". With the expected amount of foreclosure sales in 2008, we will probably not likely see a "neutral market" until sometime in 2009 - at the ABSOLUTE earliest. My point here is to educate with real numbers - I know this is not great news for sellers but still very useful information.
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Broker - CalNeva Realty