Reno-Tahoe Housing Market Update - February, 2012
This blog post will summarize January, 2012 sales results. 2012 has started off with a bang! Not only a continuation of 2011 but with some increased velocity to go with it! Each of the larger markets: Reno, Sparks, Carson City, and Douglas County (Carson Valley) show increases in year over year sales (from 7% to 68%) and all have (for the first time since I have been publishing this blog) also had "trough" median prices (down from 9 to 19% from January, 2011). On the bright side for home owners is the fact that Months of Inventory is in the 5 - 7 month range for each of these markets except Carson Valley at 7.8 months. After a brief update on AB-284, I have outlined some key market stats for all local markets below.
AB 284 Progress Update (Foreclosure Market Segment)
For more background on Assembly Bill - 284, feel free to reference previous blog posts (November 2011 Market Update). This month, you can see from the Ticor Title Washoe County Housing Statistics Summary that the trend set into motion in October of last year is, for the most part, continuing without significant change. Note that while this is for Washoe County only (Reno/Sparks primarily) that this phenomenon would be comparable for any county in the state of Nevada.
Of note in the Ticor Title chart is the fact that REO listing inventory is actually 21% higher over the last three months than it was one year ago for the same period. Have we seen any market impact on AB-284 yet? Of course not. But... It is coming and I will probably be able to begin reporting some of the impact during Q2 - Q3 of 2012.
Below is a brief summary of each local market with year over year details:
- Reno - During January, home sales were up a healthy 22% from January, 2011 - 290 homes sold. January's median sold home price was $142,000 - 19% below January, 2011. Reno Months of Inventory for February is at 5.7 months - 18% lower than February, 2011. Of note for Reno's new low median price is the last low was recorded in May, 2011 at $144,455 with the average median price for all months in between at $155,000 - this is not an easy market to predict!
- Sparks - Sparks homes sold in January totaled 149 (up 28% from one year ago January sales); median home price equals $126,500 - 12% lower than the Sparks median home price one year ago and setting a new low from November 2011's median price of $139,900. Months of Inventory for Sparks is at 5.0 months, 22% lower than February, 2011.
- Carson City - There were 42 homes sold during January, 2012 which represents an astounding 68% increase from January, 2011. Carson City's median home price was $127,000 in January - down 18% from prices a year ago and a new low in this market cycle following December 2011's low at $133,000. At 6.1 Months of Inventory, Carson City's key metric of buy/seller market is down 31% from one year ago and is now entering the range for more stablility in price. We'll have to see how this plays out over the next few months.
- Carson Valley - Homes sold in January 2012 totaled 45 - a 7% increase over January, 2011. The Carson Valley median home price at $163,000 is 10% below January, 2011 and, again, a new record for this market after the median price of $167,500 set in November 2011. At 7.8 Months of Inventory (down 9% from the same time one year ago), this market is moving closer towards more stable pricing but is likely still a ways off.
- Lake Tahoe - With 5 homes sold in January, the Tahoe market (Douglas County only) was 44% lower than the January, 2011 sales volume. Months of Inventory, at 15.4 months, is 37% higher than February, 2011. The median home price was $350,000. 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. Of note for January was the fact that 2 of the 5 homes that sold were bank owned.
- Dayton - Dayton home sales in January, 2012 totaled 22 homes - 16% more than what sold in January, 2011. Months of Inventory is at 5.7 months - 36% lower than one year ago. Dayton median home price, at $97,000 is down 16% from one year ago.
- Fernley - The median home price for Fernley in January, 2012 was $89,409 - an 18% increase over the median Fernley home price in January, 2011. Fernley saw 42 homes sold representing a 56% increase over January, 2011. Months of Inventory is at 4.8 months which is the lowest in the region.
If you want more details and a monthly email reminder each month when I post up new housing trends, you can read up and/or subscribe to The Greater Reno-Tahoe Real Estate Report on our web site. NOTE: if you received an email notifying you of this month's report, you are already subscribed and do not need to do anything.
Until Next Month...
Broker - CalNeva Realty