Reno-Tahoe Real Estate Market Summary - May, 2008

Posted by Mitch Argon / CalNeva Realty on Thursday, May 15th, 2008 at 9:21pm.

Reno-Tahoe Housing Market Summary - May, 2008

This post will give you an overview of the key real estate markets in Greater Reno-Tahoe for May, 2008 which includes home sold statistics through April 30, 2008. Note that all of this information is sourced from the Northern Nevada Regional MLS and includes ONLY single family "stick built" homes - no condos, land, manufactured homes, or duplexes.

Reno Real Estate Market Highlights

The Reno median home price is at a low of $281,000 which represents a 26% decline from the peak of $379,000 in April, 2005. Also, even though inventory levels are down 1% from one year ago, Months of Inventory is up 26% due to low transaction volume.

Reno Market Summary  
Reno Homes Sold (Apr - 2008) 204
(% change from Apr - 2007) -7%
Reno Median Home Price (Apr - 2008) 281,000
(% change from Apr - 2007) -13%
Reno Homes on Market (May - 2008) 2,598
(% change from May - 2007) -1%
Months Supply of Inventory (May - 2008) 13.2
(% change from May - 2007) 26%

Sparks Real Estate Market Highlights

The Sparks market shows an encouraging 10% increase in homes sold over one year ago and a$10,000 increase in the median home price over March, 2008. Also, inventory levels are down from one year ago - all of these facts still can not cancel the effects of lower transaction volume over the last year which is why Months of Inventory is up 17% from one year ago.

Sparks Market Summary  
Sparks Homes Sold (Apr - 2008) 102
(% change from Apr - 2007) 10%
Sparks Median Home Price (Apr - 2008) 265,000
(% change from Apr - 2007) -7%
Sparks Homes on Market (May - 2008) 937
(% change from May - 2007) -5%
Months Supply of Inventory (May - 2008) 11.6
(% change from May - 2007) 17%

Carson City Real Estate Market Highlights

Carson City median home prices in April, 2008 hit a recent low of $235,000 (off 32% from the peak of $346,000 in April, 2005). Other than inventory levels down 11% from one year ago, all other indicators for Carson City point towards a continued extension of a Buyer's Market.


Carson City Market Summary  
Carson City Homes Sold (Apr - 2008) 37
(% change from Apr - 2007) -20%
Carson City Median Home Price (Apr - 2008) 235,000
(% change from Apr - 2007) -30%
Carson City Homes on Market (May - 2008) 376
(% change from May - 2007) -11%
Months Supply of Inventory (May - 2008) 10.9
(% change from May - 2007) 9%

Carson Valley Real Estate Market Highlights

The Carson Valley real estate market (Minden, Gardnerville, Genoa) is showing some signs of stabilization but with Months of Inventory at 15.5 (up 24% over last year), the market continues to be in solid Buyer territory.


Carson Valley Market Summary  
Carson Valley Homes Sold (Apr - 2008) 40
(% change from Apr - 2007) -2%
Carson Valley Median Home Price (Apr - 2008) 318,000
(% change from Apr - 2007) -16%
Carson Valley Homes on Market (May - 2008) 613
(% change from May - 2007) -7%
Months Supply of Inventory (May - 2008) 15.5
(% change from May - 2007) 24%

Lake Tahoe Real Estate Market Highlights

Lake Tahoe homes sold matches April, 2007 at 8 but the median home price of $585,000 represents a new recent low. With this few transactions and the wide range of prices at Lake Tahoe, expect the median home price to fluctuate dramatically from month to month.


Lake Tahoe (NV) Market Summary  
Lake Tahoe (NV) Homes Sold (Apr - 2008) 8
(% change from Apr - 2007) 0%
Lake Tahoe (NV) Median Home Price (Apr - 2008) 585
(% change from Apr - 2007) -21%
Lake Tahoe (NV) Homes on Market (May - 2008) 140
(% change from May - 2007) -5%
Months Supply of Inventory (May - 2008) 20.7
(% change from May - 2007) 15%

Dayton Real Estate Market Highlights

Transaction volume is up 23% over last year and Months of Inventory is equal to last year in Dayton. These indicators should welcome home sellers in this area.

Dayton Market Summary  
Dayton Homes Sold (Apr - 2008) 16
(% change from Apr - 2007) 23%
Dayton Median Home Price (Apr - 2008) 220,000
(% change from Apr - 2007) -12%
Dayton Homes on Market (May - 2008) 218
(% change from May - 2007) -26%
Months Supply of Inventory (May - 2008) 17.2
(% change from May - 2007) 0%

Fernley Real Estate Market Highlights

The Fernley market continues to move towards the Buyer's advantage - most significant is the 43% increase in Months of Inventory over May of 2007.

 

Fernley Market Summary  
Fernley Homes Sold (Apr - 2008) 33
(% change from Apr - 2007) 6%
Fernley Median Home Price (Apr - 2008) 169,000
(% change from Apr - 2007) -27%
Fernley Homes on Market (May - 2008) 412
(% change from May - 2007) 5%
Months Supply of Inventory (May - 2008) 15.4
(% change from May - 2007) 43%

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If you have any questions, please call me at 775-315-4424 or contact me online.

Mitch Argon
Broker - CalNeva Realty

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