Reno-Tahoe Real Estate Market Summary - December, 2009

Posted by Mitch Argon / CalNeva Realty on Thursday, December 17th, 2009 at 10:20am.

Reno-Tahoe Real Estate Market Update - December, 2009

Review 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 - yes, it is free.

  • Reno - For November, home sales are up 63% over November, 2008 - 305 homes sold. November's median sold home price was $183,000 - down 17% form November, 2008 but the sixth month above the most recent low of $180,000 in May, 2009 - somthing to note in terms of price leveling. With a 15% decrease in inventory from December, 2008 levels, December Months of Inventory is at 6.9 months - down 39% from December, 2008 and is now under the 7 month threshold. (5 - 7 months of inventory represents neutral price pressure).
     
  • Sparks - Sparks homes sold in November total 146 (up 90% over one year ago November sales); median home price equals $170,000. Months of Inventory, at 6.3 months, is down 41% from this time last year and continuing a steady decline since December of 2008. Like in Reno, the rate of decrease (on a year over year basis) in the median price for Sparks homes should begin to slow and, if not already, will likely reach a new bottom (only to stay there for a while) within the next 6 months.
     
  • Carson City - November homes sold totalled 37 which represents a 131% increase from November, 2008 - WOW. Carson City's median home price was $190,000 in November. At 9 Months of Inventory, Carson City's key metric of buy/seller market is down 7% from one year ago. Compared to Reno and Sparks, this market has more downward pressure on pricing and will take longer to bottom out.
     
  • Carson Valley - Homes sold in November 2009 totalled 56 - a 93% increase over November, 2008. Carson Valley median home price at 230,000 is 6% below November, 2008. At 10.8 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 5 homes sold in November, the Tahoe market (Douglas county only) continues to have an extremely high Months of Inventory (18.1 months) but is trending down - 24% lower than December, 2008. 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. November's median home price was $1,100,000 with three transactions over the $3M price point.
     
  • Dayton - Dayton home sales continue to be strong as a result of lower prices and affordability; Dayton saw 27 homes sold in November - an 80% increase over November, 2008. Months of Inventory is down to 5.9 months - down 63% from one year ago. Median home price, at $147,000, is down 21% from one year ago. Dayton's median home price was at $140,500 in June of 2009 - this could represent the bottom - time will tell, however Months of Inventory suggests prices will not be going much lower.
     
  • Fernley - The median home price for Fernley in November, 2009 was $89,550. Fernley saw 50 homes sold representing a 100% increase over November, 2008. Months of Inventory is at 4.9 months which is the lowest in the region. While the median price in Fernley may dip a bit lower, it will likely not be by much due to the current Months of Inventory should buying activity continue at the same rate.
     

I hope this summary is useful for you. In January, I will post an annual summary - you can get a sneak preview in the Greater Reno-Tahoe Real Estate Report on the annual charts!

Wishing you a safe and happy holiday season!

Mitch Argon

Mitch Argon
Broker - CalNeva Realty

2 Responses to "Reno-Tahoe Real Estate Market Summary - December, 2009"

Doug Souza wrote: Thank you,
These reports and all your information has been very helpful for us. We've had deposits on 3 short sales and have even offered full price for a bank owned property and all have either taken too long or they give the property to someone else. Now we have offered full price, again, on another bank owned home, so we'll see what happens.

Posted on Friday, December 18th, 2009 at 10:49am.

mitch wrote: Doug - this market does require patience as you've found out. Please feel free to call on us if we can be of any further help!

Posted on Friday, December 18th, 2009 at 10:50am.

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