Reno-Tahoe Real Estate Market Summary - November, 2009

Posted by Mitch Argon / CalNeva Realty on Monday, November 16th, 2009 at 1:27pm.

Reno-Tahoe Real Estate Market Update - November, 2009

This post provides 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.

  • Reno - For October, home sales are up 71% over October, 2008 - 396 homes sold. October's median sold home price was $185,621 - down 23% form October, 2008 but the fifth 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 November, 2008 levels, November Months of Inventory is at 7.4 months - down 39% from November, 2008 and continuing a steady move towards a balanced market (5 - 7 months of inventory represents neutral price pressure).
     
  • Sparks - Sparks homes sold in October total 149 (up 30% over one year ago); median home price equals $165,000 - a new low, but not by much from the Sparks median home price of ?$166,500 in May, 2009. Months of Inventory, at 6.5 months, is down 38% from this time last year and continuing a steady decline since December of 2008.
     
  • Carson City - October homes sold totalled 39 which represents a 50% increase from October, 2008. Carson City's median home price was $205,000 in October. At 10.3 Months of Inventory, Carson City's key metric of buy/seller market is a slight 6% higher than one year ago.
     
  • Carson Valley - Homes sold in October 2009 totalled 59 - a 136% increase over October, 2008. Carson Valley median home price at 240,000 is 11% below October, 2008. At 12.2 Months of Inventory, this market's relatively flat home sales on a year to date basis keep the market, in general, in strong 'buyer market' territory.
     
  • Lake Tahoe - With 6 homes sold in October, the Tahoe market (Douglas county only) continues to have an extremely high Months of Inventory (19.4 months) but is trending down - 22% lower than November, 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. October's median home price was $1,850,000 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 32 homes sold in October - an 88% increase over October, 2008. Months of Inventory is down to 6.2 months - down 63% from one year ago. Median home price, at $160,000, is down 22% from one year ago.
     
  • Fernley - The median home price for Fernley in October, 2009 was $115,000. Fernley saw 60 homes sold representing a 71% increase over October, 2008. Months of Inventory is at 5.5 months - expect prices to be stable here for some time.
     

Until next month -

Mitch Argon

Mitch Argon
Broker - CalNeva Realty

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