I thought I'd put out a few market metrics of interest based on the current real estate market.
Reno Real Estate
It looks like the Reno real estate market is trying to correct more than it has in recent months. While the Reno median home price is down to a new (recent) low of $262,000, inventory is down 3% from one year ago, and July homes sold is up 37% from last July. Current Months of Inventory is at 14.0 months, down from July but still up 15% from August, 2007. If this trend continues, we may be able to more clearly see the market bottom (in pricing) on the horizon - albeit still several quarters away.
Sparks Real Estate
The Sparks market is tracking on the same course as Reno but with 11.9 Months of Inventory will likely hit the bottom first - as I said above, don't hold your breath. Also of note: Sparks median home price hit a new low in July of $237K.
Carson City Real Estate
Carson City's home inventory took a dramatic decrease of 24% over las August. Transaction volume was about the same as last July. This combined effect puts Carson City's Months of Inventory down to 11.6 - the lowest in the region that I track. This measure is also down 10% from one year ago - again, this could be the early signs of the bottom on the distant horizon.
Carson Valley Real Estate
Nothing really newsworthy here. Inventory - down 12%; home sales - down 18%, median price - down 13%. The only measure that is UP from one year ago is Months of Inventory (up 7% over last year at this time). Still moving further toward the Buyer's favor.
Dayton Real Estate
After a year or so of being an inventory bloated market, Dayton looks to be correcting to be more in line with other local markets. Dayton home inventory is down 32% from August, 2007, home sales in July were up 33%, and Months of Inventory is down 26% to 14.7 Months. If this trend continues at this rate (and that is a BIG IF), Dayton pricing will stabilize in 6-9 months.
These numbers are a brief extract from the most comprehensive local real estate market report for this region - The Greater Reno-Tahoe Real Estate Report. If you are not a subscriber, you may want to click the link and subscribe - it is free, updated monthly, and read by thousands of people who track the local real estate market.
- Mitch Argon
Broker - CalNeva Realty