Reno-Tahoe Real Estate Update - December, 2012
Below is a summary recap of housing market conditions throughout the Reno-Tahoe region for November/December 2012. I have some details below for each market but the 'bigger picture' trends are continuing on the path we have experienced through all of 2012. The Nevada Legislature will begin their session on February 4, 2013 and AB-284 and how it has impacted the housing market will be carefully watched by all who have an interest in the real estate markets. By this time next month, we will know if we are falling off of the fiscal cliff or not and how the Mortgage Foregiveness Debt Relief Act may have survived or become early road kill as part of the federal government's need to increase tax revenues.
Below is a brief summary of each local market with year over year details:
- Reno - During November, home sales were exactly the same as November, 2011 - 341 homes sold (I know all of our agents here at CalNeva Realty would have been able to sell more if there were more homes on the market!). November median sold home price came in at $182,500 - 19% above November, 2011 and holding above $180K since August. Reno Months of Inventory for December is at 4.8 months - 30% lower than December, 2011 and decreasing slightly each month. On the distressed property front for November, 2012, Reno had 136 short sales (40% of the total) and 27 REO sales (8% of the total); this is the lowest number of REO sales (as a percentage of the total) for over four years. For a visual review of these trends, visit our new interactive charts - use the "Reno" menu at the top of the page for different chart options; remember, you can interact with the charts - click the Help menu from the charts site to see how.
- Sparks - Sparks homes sold in November totaled 170 (up 14% from one year ago November sales); median home price was $179,500 - up 28% from Spark's median home price of one year ago. Months of Inventory for Sparks is down to 3.8 months, 36% lower than December, 2011 which is consistent with the market experiences mentioned earlier in this blog post. Both Reno and Sparks will continue to see rising prices until inventory builds and allows better balance between supply and demand. Again, distressed sales in Sparks totalled 53% of the total market with 44% as short sales (74 homes) and 9% as foreclosure sales (15 homes). To see how the mix of short sales and foreclosures has reversed over time, check out this chart.
- Carson City - There were 53 homes sold during November, 2012 which represents a 10% increase from November, 2011. Carson City's median home price spiked up to $165,000 in November - 21% higher than prices a year ago. Carson City Months of Inventory is at 4.6 months showing a decline of 39% from one year ago. 38% of Carson City sales in November were distressed - 16 short sales (30%) and 4 foreclosure sales (8%). See Carson City Housing Trends on a chart!
- Carson Valley - Homes sold in November 2012 totaled 57 - a 19% increase over November, 2011. The Carson Valley median home price at $180,000 is 7% higher than the November, 2011 median price. Months of Inventory is at 5.5 months and down 33% from the same time one year ago. The Carson Valley has fewer distressed sales than other areas (except Tahoe); total distressed sales for November were 39% of the total: 17 short sales (30%) and 5 REOs (9%). For a quick view of these trends, visit the Carson Valley real estate trends chart.
- Lake Tahoe - With 12 homes sold in November, the Tahoe market (Douglas County only) was up 200% from the November, 2011 sales volume. Months of Inventory, at 12.2 months, is 30% lower than December, 2011 and continuing to trend down on a year over year basis. The median home price was $637,500. 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. Tahoe saw one REO sale and one Short Sale in November (The REO sale was a lakefront property which is highly unusual). See Tahoe Real Estate by Charts.
- Dayton - Dayton home sales in November, 2012 totaled 34 homes - a 31% increase over November, 2011. Months of Inventory is at 4.5 months - 35% lower than one year ago. Dayton median home price, at $147,450, is up 44% from one year ago which is a rather large spike - we'll see over the next few months if this holds steady or settles back down. During November, Dayton saw 13 short sale and 4 REO sale for a total of 50% of the total sales. See Dayton Real Estate Interactive Charts here.
- Fernley - The median home price for Fernley in November, 2012 was $107,500 - a 28% increase over the median Fernley home price in November, 2011. Fernley saw 39 homes sold representing a 5% increase over November, 2011. Months of Inventory is at 4.5 months. 43% of Fernley November sales were distressed: 11 short sales (28%) and 6 foreclosures (15%). While Fernley leads the region is distressed sales as a percentage of total sales, it is worth noting that a year ago the total volume of Fernley distressed sales was 77% - a refreshing development for any Fernley home owners.
If you want more details and the color charts used to prepare this blog post, you can view from one of two formats:
Next month, I will do a recap on 2012 for the full year... stay tuned. Until then, I hope you have a very Merry Christmas and an enjoyable, safe season!
Broker - CalNeva Realty