Reno-Tahoe Real Estate Market Snapshot - July, 2012
Below is a summary recap of housing market conditions throughout the Reno-Tahoe region for June/July 2012. If you are a regular market follower and read this blog, you are aware that this year has brought material changes in some of our local markets and this trend continues with Reno, Sparks, Dayton, Fernley, and Carson Valley posting healthy year over year gains in median price. More on this and AB-284 progress below...
AB-284 (Assembly Bill 284) Update - For more background on Assembly Bill - 284, feel free to reference previous blog posts (November 2011 Market Update). For this month's update, (courtesy of the Ticor Title Washoe County Housing Statistics Summary) the trend continues. Take a look at the chart (and/or prior monthly posts on market conditions in this blog). Again (as mentioned last month) I have recently attended briefings by the Nevada Association of REALTORs and this law will not be revisited by the Nevada legislators until early 2013 and changes, if any are made, will likely not be felt in the local markets until late 2013 at the earliest.
Below is a brief summary of each local market with year over year details:
- Reno - During June, home sales were up 5% from June, 2011 - 371 homes sold. June's median sold home price was $175,000 - 13% above June, 2011 - the same median price as last month which is not surprising as the local markets continue to very competitive with more buyers than sellers. Reno Months of Inventory for July is at 5.2 months - 28% lower than July, 2011 and holding steady at this number for 4 straight months now.
- Sparks - Sparks homes sold in June totaled 131 (down 21% from one year ago June sales which is a bit surprising...); median home price equals $164,900 - up 16% from Spark's median home price of one year ago. Months of Inventory for Sparks is at 4.5 months, 27% lower than July, 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 58 homes sold during June, 2012 which represents a 29% increase from June, 2011! Carson City's median home price was $124,225 in June - down 21% from prices a year ago. In contrast to the recent price increases in Reno and Sparks, the June Carson City median price represents a new low in this current market cycle (the prior low was $127,000 in January of this year). Carson City Months of Inventory is at 5.3 - 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 June 2012 totaled 53 - a 20% increase over June, 2011. The Carson Valley median home price at $229,000 is 6% higher than the June, 2011 median price. At 7.4 Months of Inventory (down 21% from the same time one year ago), this market is moving 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.
- Lake Tahoe - With 5 homes sold in June, the Tahoe market (Douglas County only) was 25% over the June, 2011 sales volume. Months of Inventory, at 17.1 months, is 1% lower than July, 2011. The median home price was $320,000. This median price does represent a new low for Tahoe (probably a one month dip due to the nature of the small number of sales) in the market cycle over the last several years. Also of mention for June Tahoe sales is the fact that 4 of the 5 sales were short sales! 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 June, 2012 totaled 28 homes - a 4% increase over June, 2011. Months of Inventory is at 5.3 months - 25% lower than one year ago and continuing to trend down which is supporting the price increases. Dayton median home price, at $121,000, is up 8% from one year ago.
- Fernley - The median home price for Fernley in June, 2012 was $93,000 - a 8% increase over the median Fernley home price in June, 2011; this represents the third consecutive month of year over year increases in median price. Fernley saw 43 homes sold representing a 14% decrease over June, 2011. Months of Inventory is at 4.3 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