Reno-Tahoe Real Estate Metrics - December, 2010
Three local markets (Carson City, Carson Valley, and Sparks) posted new low median prices in November, 2010. While Carson City and Carson Valley do not come as a major surprise, the Sparks market is probably a 'blip' on the chart as pricing and Months of Inventory in Sparks are in check for stable pricing. Also of note, Lake Tahoe posted a statistically high number of sales in November at 16 homes - more than two times the average for the last several months. See below or subscribe to The Greater Reno-Tahoe Real Estate Report (free) for complete data and color charts on all Northern Nevada real estate market trends.
- Reno - For November, home sales were down 13% from November, 2009 - 264 homes sold. November's median sold home price was $178,200 - a 13% drop from November, 2009. Reno Months of Inventory for December is at 7.2 months - down 4% from December, 2009, and slightly lower from prior months. Again, all metrics for Reno are fairly stable except the rather large drop in unit sals volume - which can be attributed to the federal tax incentives running at this time last year.
- Sparks - Sparks homes sold in November totaled 128 (down 12% from one year ago November sales); median home price equals $155,000 - which is a new low in the 'current market'. I don't think this is the beginning of a trend as Months of Inventory, at 6.2 months, is down 2% from this time last year but stable. Sparks continues to be in a "neutral pricing" zone - prices will remain fairly stable at 5 - 7 months of inventory.
- Carson City - November homes sold totaled 36 which represents a 3% decrease from November, 2009. Carson City's median home price was $150,000 in November - down 21% from prices a year ago. At 9.1 Months of Inventory, Carson City's key metric of buy/seller market is up 1% from one year ago but still above the 5-7 months range. Expect Carson City to see more price decreases as compared to Reno, Sparks, Dayton, and Fernley - all of which have a lower Months of Inventory.
- Carson Valley - Homes sold in November 2010 totaled 45 - a 20% decrease over November, 2009. Carson Valley median home price at 190,000 is 17% below November, 2009. At 10.0 Months of Inventory, this market, like Carson City, will remain in 'buyer market' territory for a while longer than other local markets.
- Lake Tahoe - With 16 homes sold in November, the Tahoe market (Douglas county only) continues to have an extremely high Months of Inventory (13.9 months) - down 23% from December, 2009. The Months of Inventory metric did fall rapidly due to the large increase in sales for November as well as being "out of season" at this time. 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. November's median home price was $572,000.
- Dayton - Dayton home sales in November, 2010 totaled 16 homes - a 41% decrease from November, 2009. Months of Inventory is 8.8 months - up 50% from one year ago and remaining climbing slightly due to a lower transaction volume than seen in 2009. Median home price, at $136,400, is down 7% from one year ago.
- Fernley - The median home price for Fernley in November, 2010 was $110,000 - a 23% increase over the median home Fernley home price in November, 2009 and within the range that prices have been recorded over the last 12 months (average of median price for the last 12 months is $107,000). Fernley saw 41 homes sold representing a 18% decrease over November, 2009. Months of Inventory is at 4.7 months which continues to be the lowest in the region and puts Fernley "technically" into a Seller's market with upward pressure on prices (as is shown by current prices compared to a year ago).
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Broker - CalNeva Realty