Reno-Tahoe Real Estate Market Update - April, 2010
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Reno - For March, home sales were up 35% over March, 2009 - 325 homes sold. March's median sold home price was $180,000 - down 10% form March, 2009 but at the same level as the prior month. Reno Months of Inventory for April is at 6.9 months - down 34% from April, 2009 and fairly stable from last month.
Sparks - Sparks homes sold in March totaled 145 (up 20% over one year ago March sales); median home price equals $163,000 - which is a new low for Sparks (prior low was $165,000 in October 2009 and February 2010). Months of Inventory, at 6.1 months, is down 31% from this time last year and remaining stable. Sparks is in a "neutral pricing" zone - prices will remain fairly stable at 5 - 7 months of inventory.
Carson City - March homes sold totalled 35 which represents a 21% increase from March, 2009. Carson City's median home price was $176,000 in March. At 8.5 Months of Inventory, Carson City's key metric of buy/seller market is down 21% from one year ago but still above the 5-7 months that should translate to neutral price pressure.
Carson Valley - Homes sold in March 2010 totaled 58 - an 49% increase over March, 2009. Carson Valley median home price at 249,950 is 2% below March, 2009. At 10.1 Months of Inventory (and trending down), this market, like Carson City, will remain in 'buyer market' territory for a while longer than other local markets.
Lake Tahoe - With 7 homes sold in March, the Tahoe market (Douglas county only) continues to have an extremely high Months of Inventory (14.6 months) but is trending down - 38% lower than April, 2009. Due to the small sampling size of homes sold and the wide range of home prices at Lake Tahoe, the median price shows wide fluctuation on a monthly basis. March's median home price was $575,000.
Dayton - Dayton home sales in March, 2010 totaled 25 homes - a 19% increase from March, 2009. Months of Inventory is 6.8 months - down 52% from one year ago. Median home price, at $146,000, is down 11% from one year ago.
Fernley - The median home price for Fernley in March, 2010 was $100,000 - a 20% decrease over the median home Fernley home price in March, 2009. Fernley saw 53 homes sold representing a 13% increase over March, 2009. Months of Inventory is at 4.2 months which continues to be the lowest in the region. While the median price in Fernley may dip a bit lower, it will likely not be by much due to the current Months of Inventory should buying activity continue at the same rate. Fernley home prices should rise during the remainder of this year due to the low Months of Inventory AND the frenzy in the market with multiple offers, etc.
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Broker - CalNeva Realty