Reno-Tahoe Area Real Estate Market Update - August, 2009

Posted by Mitch Argon / CalNeva Realty on Friday, August 14th, 2009 at 1:54am.

Reno-Tahoe Real Estate Market Update - August, 2009

In this post, I am identifying few key observations based on the current Reno-Tahoe area real estate market. If you are not a subscriber to The Greater Reno-Tahoe Real Estate Report, you can find complete details and charts behind the market statistics outlined below. Feel free to subscribe to The Greater Reno-Tahoe Real Estate Report here.

  • Reno - The number of homes sold continues to positive over 2008 levels. 362 homes sold in July, 2009 - a 28% increase over July 2008 levels. Reno median home price for July was $185,000 which is down 29% from July 2008 but stable for the last four months. Months of Inventory is at 8.9 months - down 36% from August, 2008.
     
  • Sparks - Fairly consistent with Reno statistics, homes sold in July total 140 (up 35% over one year ago); median home price equals $172,500 - stable for the last three months but down 27% from one year ago. Months of Inventory, at 7.1 months, is down 40% from this time last year.
     
  • Carson City - While Carson City homes sold is up just 6% over 2008 levels year to date, July was a strong month for homes sold - 55 homes and a 49% increase over July 2008. Carson City's median home price was $194,000 in July - comfortably up from a recent low of 168,000 in June. At 10.3 Months of Inventory, however, this market is lagging Reno and Sparks in terms of moving towards a bottom in pricing.
     
  • Carson Valley - Homes sold in July 2009 totalled 60 - a 30% increase over July, 2008. Carson Valley median home price at 243,000 is 22% below July, 2008. At 13.8 Months of Inventory, this markets relatively flat home sales on a year to date basis keeps the market, in general, in strong 'buyer market' territory.
     
  • Lake Tahoe - With 13 homes sold in July, the Tahoe market (Douglas county only) continues to have an extremely high Months of Inventory (23.3 months). 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. July median home price was $455,000.
     
  • Dayton - Year to date homes sales are up 62% from 2008 levels. This activity has pushed the Months of Inventory down to 8.3 months - down 44% from one year ago. Median home price, at $161,000, is down 23% from one year ago.
     
  • Fernley - Due to the high percentage of bank distressed sales (foreclosure and short sales), the Fernley market is actually correcting faster than other local markets. Fernly Months of Inventory is down to 6 months - which represents stable pressure on pricing. The Fernly median home price for July was $120,000 - down 29% from one year ago but slightly up from a recent low of $104,000 in May, 2009. Fernley had 57 homes sold in July - a 84% increase over one year ago.
     

Cheers!

Mitch Argon

Mitch Argon
Broker - CalNeva Realty

2 Responses to "Reno-Tahoe Area Real Estate Market Update - August, 2009"

billddrummer wrote: Fernley has corrected to a normal state of supply, but I don't believe prices will rise any time soon. And any developers holding land for new projects will keep holding it, unfortunately. There just doesn't seem to be any demand for new subdivisions yet.

Posted on Friday, August 14th, 2009 at 9:57pm.

Faisal Shah wrote: A great information for us.

Realestates

Posted on Monday, September 14th, 2009 at 10:39am.

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