Reno-Tahoe Real Estate Statistics - October, 2010
Below is a quick snapshot of the Reno-Tahoe housing market statistics for key cities/areas. If you want to see the data tables and color charts behind these trends as well as foreclosure and short sale statistics, subscribe to The Greater Reno-Tahoe Real Estate Report.(Yes, it is free.)
All local markets except Carson Valley reported sale volume well below (as a %) June's high water mark for home sales, however, most markets did show a month over month increase since July, 2010.
- Reno - For September, home sales were down 7% from September, 2009 - 309 homes sold (still quite a bit down from June, 2010 at 399 homes sold). September's median sold home price was $175,000 - an 11% drop from September, 2009. Reno Months of Inventory for October is at 7.5 months - down 8% from October, 2009, and slightly up from prior months based on the decrease in sales volume.
- Sparks - Sparks homes sold in September totaled 143 (down 15% from one year ago September sales); median home price equals $160,000 - which represents a new low (two months in a row) after the most recent low of $160,700 last month. Months of Inventory, at 6.1 months, is unchanged from this time last year and remaining stable. Sparks continues to be in a "neutral pricing" zone - prices will remain fairly stable at 5 - 7 months of inventory.
- Carson City - September homes sold totaled 32 which represents a 14% decrease from September, 2009. Carson City's median home price was $151,250 in September - down 31% from prices a year ago. At 10.2 Months of Inventory, Carson City's key metric of buy/seller market is down 4% from one year ago but still above the 5-7 months range and climbing a bit. Expect Carson City to see more price decreases as compared to Reno, Sparks, Dayton, and Fernley - all of which have a lower Months of Inventory.
- Carson Valley - Homes sold in September 2010 totaled 55 - a 12% increase over September, 2009. Carson Valley median home price at 193,400 is 12% below September, 2009. At 10.1 Months of Inventory, this market, like Carson City, will remain in 'buyer market' territory for a while longer than other local markets.
- Lake Tahoe - With 8 homes sold in September, the Tahoe market (Douglas county only) continues to have an extremely high Months of Inventory (19.1 months) but is down 1 month from 20.1 months of inventory last month. 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. September's median home price was $492,500.
- Dayton - Dayton home sales in September, 2010 totaled 20 homes - a 26% decrease from September, 2009. Months of Inventory is 7.6 months - up 2% from one year ago and remaining fairly stable. Median home price, at $140,950, is down 9% from one year ago.
- Fernley - The median home price for Fernley in September, 2010 was $105,000 - a 21% increase over the median home Fernley home price in September, 2009 and stable from last month. Fernley saw 32 homes sold representing a 16% decrease over September, 2009. Months of Inventory is at 4.7 months which continues to be the lowest in the region and puts Fernley "technically" into a Seller's market with upward pressure on prices (as is shown by current prices compared to a year ago).
Want to see the charts and tables behind this summary? If you are not a subscriber to The Greater Reno-Tahoe Real Estate Report, sign up (at the top of this blog post) so you can review the charts and graphs behind the summary in this blog post.
Broker - CalNeva Realty