Dayton Real Estate Market - What's Happening - March, 2008

Posted by Mitch Argon / CalNeva Realty on Tuesday, March 11th, 2008 at 7:31pm.

Dayton Real Estate Market - At a Glance - March, 2008

I hope this new format for these posts is useful for you. If you like it, let me know below with a comment. If you hate it, tell me too. 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.

Dayton Real Estate Market Data

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

Dayton Real Estate O - 07 N - 07 D - 07 J - 08 F - 08 M - 08
Inventory 253 237 221 200 211 213
Inventory Change (annual) 25% 20% 23% 23% 7% -2%
Sold 10 10 9 7 8  
Sold Change (annual) -33% -55% 13% -30% -27%  
Median Price (Thousands) $ 232 $ 240 $ 239 $ 218 $ 226  
Price Change (annual) -4% -20% -4% -11% -3%  
Months of Inventory 17.3 17.0 16.4 16.1 17.1 17.5
Mo. Inv. Change (annual) 82% 77% 84% 86% 48% 39%

What does this mean?

If you are selling right now, you are not in an enviable position. Get a reality check and price your home aggressively or you may find yourself chasing the market down - pick your poison. Why is this so? Inventory is down 2% from one year ago - a good thing. Homes sold is down 20%+ in the most recent months from one year ago - a bad thing. The net result is an increase in Months of Inventory (tells you if it is a buyer or seller market - you can get all the details by subscriing to the report above) of 39% - that's huge - from one year ago. This number, currently at 17.5 months, will need to travel down to the 4 - 6 months range before we hit a market bottom.

The Dayton NV median home price was $226K - up a bit from the most recent trough of $218K. With the months of inventory mentioned above, it will go lower. Agree? Disagree? Leave a comment to see if we can spice things up here!

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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