Carson Valley Real Estate Update - March, 2007

Posted by Mitch Argon / CalNeva Realty on Tuesday, March 11th, 2008 at 7:56pm.

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

Let me know if you like (or don't like) this new format for these posts. I could really use some feedback and I'm trying to make it as useful as possible. Please note: this post contains information for the period from October, 2007 to homes sold in February, 2008 and inventory levels in March, 2008.

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Carson Valley Real Estate Market Data

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

  O - 07 N - 07 D - 07 J - 08 F - 08 M - 08
Home Inventory 672 646 581 549 557 562
Inventory Change: -9% -7% -11% -9% -14% -16%
Homes Sold 38 38 28 23 35  
Homes Sold Change: -17% -19% -48% -48% -19%  
Median Price (Thousands) $ 370 $ 320 $ 281 $ 315 $ 318  
Median Price Change: 2% -19% -32% -17% -14%  
Months Inventory 14.5 13.9 12.7 12.4 13.4 13.8
Mo Inv Change (annual) 13% 9% 3% 10% 9% 9%

What does this mean?

Home buyers - rejoice! Home buyers - weep (unless you are committed to selling the house and willing to price it to sell it now).

Seriously, here is what is happening in the Carson Valley real estate market. Inventory levels are down between 7 and 16% from this period one year ago - this is actually good. What's bad is the transaction volume (number of homes sold each month) is down 17% and 48% for this period a year ago - this is really horrible (especially for people like me who make a living helping people buy or sell real estate).

The result of these two forces is an increase in Months of Inventory by about 9% over one year prior. This means the market has moved further into "Buyer Market" territory by 9% over the last year. This shows in median price which has dropped to a recent low of $315K in January, 2008 and only moved up by $3K in February to $318K. The pricing numbers are down in the mid teens over one year ago. This does bring buyers back into the market but with the continued downward pressure on pricing; smart buyers are looking to buy "under" the current market. If you are planning to sell a home this year, expect low offers. If you've talked to a neighbor who has been chasing the market down, you should seriously try to get as much as you can and if it is within reason (less than 10% of your asking price), you should seriously consider taking it.

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

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