Carson City Real Estate - March, 2008 Market Report

Posted by Mitch Argon / CalNeva Realty on Tuesday, March 11th, 2008 at 8:18pm.

Carson City, NV Real Estate Market - At a Glance - March, 2008

If you are a regular reader here, please let me know if this blog post format for a market report is any more useful than prior formats. Please note: this post contains information for the period from October, 2007 to homes sold in February, 2008 and inventory levels in March, 2008.

Want all the data (and a monthly email update)? Subscribe to The Greater Reno-Tahoe Real Estate Report for free on my site.

Carson City Real Estate Market Data

Note: all % changes are from the same period one year ago. Column headings - "Month - Year".

Carson City O - 07 N - 07 D - 07 J - 08 F - 08 M - 08
Home Inventory 464 435 407 361 353 351
Inventory Change: 7% 0% 3% 7% 2% -1%
Homes Sold 24 26 29 22 24  
Homes Sold Change: -38% -26% -12% 0% 4%  
Median Price (Thousands) $ 280 $ 246 $ 287 $ 237 $ 315  
Median Price Change: -7% -9% -10% -21% 4%  
Months Inventory 12.4 12.1 11.7 10.5 10.6 10.5
Mo. Inv. Change (annual) 45% 35% 36% 40% 28% 22%

What does this mean?

The Carson City real estate market will have continued downward pressure on pricing due to the high "Months of Inventory" at 10.5 months (this is much better than Dayton which is in the 17 month range). This number is 22% higher than it was a year ago which means the market is farther away from correcting than it was a year ago. If you need to sell now, you will probably need to settle for less than what you'd like. If you are buying now, stay disciplined and make sure you are buying something at a price which is "under the current market low" to give yourself some room for further price depreciation.

The Carson City median price showed a nice bounce back from the recent trough of $237K in January. I would expect this to continue to fluctuate but will probably reach levels below the $237K mark in January.

Related Links of Interest

If you have any questions about buying or selling in this market, give me a call at 775-315-4424.

Mitch Argon
Broker - CalNeva Realty

Leave a Comment