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!
Broker - CalNeva Realty