Reno-Tahoe Housing Statistics - October, 2009

Posted by Mitch Argon / CalNeva Realty on Wednesday, October 14th, 2009 at 9:05pm.

Reno-Tahoe Real Estate Market Update - October, 2009

This post provides a quick summary of real estate market statistics for key cities in the Reno-Tahoe region. 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 - For September, home sales are up 32% over September, 2008. September median sold home price was $196,000 - down 22% form September, 2008 but the fourth month above the most recent low of $180,000 in May, 2009 - a notable point in terms of a market bottoming phenomenon. With a 13% decrease in inventory from October, 2008 levels and October Months of Inventory is at 8.2 months - down 37% from October, 2008 and continuing a steady move towards a balanced market.
     
  • Sparks - Sparks homes sold in September total 168 (up 73% over one year ago); median home price equals $167,450 - stable for the last four months but down 24% from one year ago. Months of Inventory, at 6.7 months, is down 40% from this time last year and continuing a steady decline since December of 2008.
     
  • Carson City - September homes sold remained the same as August - 32 homes - the same number of homes sold in September 2008. Carson City's median home price was $220,000 in September - markedly up from a recent low of 168,000 in June, however, probably a blip due to the continued higher months of inventory than seen in other local markets. At 10.6 Months of Inventory, Carson City's key metric of buy/seller market is unchanged from the prior month.
     
  • Carson Valley - Homes sold in September 2009 totalled 49 - a 11% decrease over September, 2008. Carson Valley median home price at 221,000 is 32% below September, 2008 and represents a new low point for this area since the market peak in 2005. At 13.1 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 7 homes sold in September, the Tahoe market (Douglas county only) continues to have an extremely high Months of Inventory (20.1 months) but is starting to see some decline from 25.9 months one year ago. 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 $751,000.
     
  • Dayton - Dayton home sales continue to be strong as a result of lower prices and affordability; Dayton saw 27 homes sold in September - a 125% increase over September, 2008. Months of Inventory down to 7.5 months - down 55% from one year ago. Median home price, at $155,000, is down 23% from one year ago.
     
  • Fernley - Last month I said Fernley would be the first local market to hit bottom. The median home price for Fernley in September, 2009 was $86,500 - this is down from the most recent low of $104,000 in May, 2009! I would be surprised to see a lower median price going forward (keep in minde that on a 5% 30 year fixed rate mortgage, the estimated monthly payment (principal and interest only) for $86,500 is $433 - far lower than most rents for homes in this area). With this recent low, Fernley's Months of Inventory at 6 months, and continued strong sales and the Fernley market is probably as low as it will get.
     

Until next month -

Mitch Argon

Mitch Argon
Broker - CalNeva Realty

2 Responses to "Reno-Tahoe Housing Statistics - October, 2009"

CHERYL FARLESS wrote: Thank-You for the interesting information Mitch

Posted on Thursday, October 15th, 2009 at 12:17pm.

Leif Strong wrote: Great Info once again Mitch. Is the % of sales from foreclosure and Public Auction going up.. or has this been flat too for last year % wise ? I think more banks aren't going the short sale route...and doing the auction instead. Thanks !

Posted on Thursday, October 15th, 2009 at 1:47pm.

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