November, 2007 - Minden Gardnerville NV Housing and Real Estate Market Trends

Posted by Mitch Argon / CalNeva Realty on Sunday, November 11th, 2007 at 6:59pm.

Minden Gardnerville, NV Housing and Real Estate Market Trends - November, 2007

Following the Minden and Gardnerville housing market?  The snapshot below should bring you curent. This blog post covers Minden, Gardnerville, Genoa, and the Topaz Lake areas.

Minden and Gardnerville Median Home Price

The Minden and Gardnerville median home price for October, 2007 was $369,550.  This number is up from the last two months (which spiked up to $425,000) and surprisingly represents a 2% increase from October of 2006. This area has seen the least downward pressure on pricing since 2005 high water mark in median price.

Minden and Gardnerville Homes For Sale

This month, there are approximately 646 homes for sale in The Carson Valley.  Last November, 698 homes were listed - a 7% decline.  Inventory levels have begun the seasonal decline (due to holiday inconveniences and cooler temperatures) from the peak in August of 739 homes on the market.

Minden and Gardnerville Homes Sold

There were 38 Minden and Gardnerville homes sold in October, 2007.  This is down 17% from October, 2006 (46 homes) but up from a very slow September, 2007 which saw only 29 homes sold.  In October, 2005 there were 64 homes sold in Carson Valley - the two year decline for sales in October isabout 40%.

Minden and Gardnerville - Buyer or Seller Market?

While the Months of Inventory for Carson Valley homes is at 13.9 months (seasonally down from a high of 15.1 months in July and August, 2007), the market has drifted further in favor of home buyers - October, 2006 Months Inventory was 12.9 months.  While inventory levels are down, the number of homes sold is down further - extending the market deeper into the favor of the Buyers.

From The Trenches

Compared to other markets in this region, Home Sellers in Minden and Gardnerville are holding more firm to their prices. I had a recent negotiation(representing the Buyer) that did not result in a "deal" due to the buyer and seller not willing to meet on price.  I have not had this happen for several months and certainly have seen Buyer's calling the shots in this area.  I also helped two home sellers who both entered into "lease-purchase" options with the home buyer.  While this structure will delay the closing and transfer of title for their properties, both transactions were at or very close to list price.  In Minden and Gardnerville, the new homes builders may be more motivated and more flexible than many of the private party home sellers - at least from my corner of the world!

For More Information

For more information and charts on Minden and Gardnerville real estate trends, subscribe to The Greater Reno-Tahoe Real Estate Report, published monthly on this site. This blog post provides a quick narrative summary of the information contained in the report.

Mitch Argon
Broker - CalNeva Realty

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