November, 2007 - Carson City, NV Housing and Real Estate Market Trend

Posted by Mitch Argon / CalNeva Realty on Sunday, November 11th, 2007 at 6:22pm.

Carson City, NV Housing and Real Estate Market Trends - November, 2007

Following the Carson City housing market?  The snapshot below should bring you current.

Carson City Median Home Price

The Carson City median home price for October, 2007 was $279,500.  This number is up from the last three months but still represents a decline of 7% from October of 2006.

Carson City Homes For Sale

This month, there are approximately 435 homes for sale in Carson City.  Last November, 433 homes were listed - essentially no change.  Inventory levels have begun the seasonal decline (due to holiday inconveniences and cooler temperatures) from the peak in September of 504 homes on the market.

Carson City Homes Sold

There were 24 Carson City homes sold in October, 2007!  This is down 38% from October, 2006 (39 homes).  In October, 2005 there were 58 homes sold in Carson City - the two year decline for sales in October is a shocking 59%!


Carson City - Buyer or Seller Market?

While the Months of Inventory for Carson City homes is at 12.1 months (seasonally down from a high of 13.4 months in September, 2006), the market has drifted further in favor of home buyers - October, 2006 Months Inventory was 8.5 months.  As you can see from the number of homes on the market (relatively flat), the decrease in homes sold is the culprit for these conditions.


From The Trenches

Even though there is a great deal of inventory and there are not many homes selling (relative to the 2003-2005 period), the year-to-date Carson City Sold Price to List Price ratio is holding up at 96.4%. Of course, there are many home sellers out there who are motivated.  Case in point: Last month, I represented a couple buying a home in Carson City and negotiated a sold price of $319,500 from a list price of $381,000 resulting in a 16.1% reduction in price from list to sold.  This is over 4 times greater than the overall market (which is exactly why a detailed comparable homes sold analysis needs to be done for every home offer).

For more information and charts on Carson City real estate trends, subscribe to The Greater Reno-Tahoe Real Estate Report, published monthly on this site.

 

Mitch Argon
Broker - CalNeva Realty

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