Reno-Tahoe Housing Market Snapshot - August, 2012
Below is a summary recap of housing market conditions throughout the Reno-Tahoe region for July/August 2012. AB-284 continues to dampen bank owned sales volume. To get a current view of the trendline for Notice of Default, Notice of Trustee Sale filings as well as REO listing inventory, see the Ticor Title Summary Here.
Below is a brief summary of each local market with year over year details:
- Reno - During July, home sales were up 7% from July, 2011 - 353 homes sold. July's median sold home price was $174,900 - 12% above July, 2011 - about the same median price as the last two months which is not surprising as the local markets continue to very competitive with more buyers than sellers. Reno Months of Inventory for August is at 5.2 months - 36% lower than August, 2011 and holding steady at this number for 4 straight months now. On the distressed property front for July, 2012, Reno had 139 short sales (39% of the total) and 49 REO sales (14% of the total). Last July, there were 78 short sales and 99 REO sales - this is another way to gauge the impact of AB-284.
- Sparks - Sparks homes sold in July totaled 148 (down 9% from one year ago July sales which is a bit surprising...); median home price equals $160,000 - up 14% from Spark's median home price of one year ago. Months of Inventory for Sparks is again at 4.5 months, 34% lower than August, 2011 which is consistent with the market experiences mentioned earlier in this blog post. Home inventory levels for Sparks (and Reno) are also trending down from levels of one year ago.
- Carson City - There were 48 homes sold during July, 2012 which represents a 14% increase from July, 2011. Carson City's median home price was $149,000 in July - up 10% from prices a year ago. Carson City Months of Inventory is at 5.0 - this indicator continues to trend down quite rapidly and is pointing towards a stable to slightly increasing market in the near future.
- Carson Valley - Homes sold in July 2012 totaled 80 - a 21% increase over July, 2011. The Carson Valley median home price at $195,750 is 1% lower than the July, 2011 median price. At 7.2 Months of Inventory (down 28% from the same time one year ago), this market continues to move closer towards more stable pricing but is likely still a ways off compared to other local markets in the region. This market, however, has been heating up and continues to be 'competitive' for home buyers in the lower price ranges - this is evidenced by the large number of home sales in July. The last time more than 80 homes were sold in a single month was August, 2005!
- Lake Tahoe - With 13 homes sold in July, the Tahoe market (Douglas County only) was 333% over the July, 2011 sales volume. Months of Inventory, at 15.6 months, is 21% lower than August, 2011. The median home price was $898,000. 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.
- Dayton - Dayton home sales in July, 2012 totaled 29 homes - a 26% increase over July, 2011. Months of Inventory is at 5.5 months - 28% lower than one year ago. Dayton median home price, at $113,000, is up 10% from one year ago.
- Fernley - The median home price for Fernley in July, 2012 was $98,000 - a 15% increase over the median Fernley home price in July, 2011; this represents the fourth consecutive month of year over year increases in median price and the percentage increase keeps rising. Fernley saw 50 homes sold representing a 11% decrease over July, 2011. Months of Inventory is at 4.5 months. Based on affordability, months of inventory, and what we are seeing in Reno/Sparks, I would expect the median price to slightly rise and stay in the $90 to $100K range for the remainder of this year.
If you want more details and the color charts used to prepare this blog post, you can see the full version of The Greater Reno-Tahoe Real Estate Report on our web site. It is available in a PDF file format for viewing/printing and is free!
Have a question or comment on market conditions? Leave a comment below and I'll answer and/or publish your comment for others to see and learn from!
Broker - CalNeva Realty