Reno-Tahoe Real Estate Market Update - Feb 2010

Posted by Mitch Argon / CalNeva Realty on Thursday, February 18th, 2010 at 7:26pm.

Reno-Tahoe Real Estate Market Update - February, 2010

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 January, home sales were up 60% over January, 2009 - 229 homes sold. January's median sold home price was $170,000 - down 15% form January, 2009. This median price represents a recent low - down from $180,000 in December, 2009. Reno Months of Inventory for February is at 6.7 months - down 39% from February, 2009.
     
  • Sparks - Sparks homes sold in January totaled 107 (up 23% over one year ago January sales); median home price equals $ 166,000 - a shade up over the prior recent low of $165,000 in October, 2009. Months of Inventory, at 6.0 months, is down 39% from this time last year.
     
  • Carson City - January homes sold totalled 26 which represents a 189% increase from January, 2009. Carson City's median home price was $196,000 in January. At 8.6 Months of Inventory, Carson City's key metric of buy/seller market is down 18% from one year ago.
     
  • Carson Valley - Homes sold in January 2010 totaled 26 - a 37% increase over January, 2009. This represents the fourth month in a row with a 30% or more increase on a year over year basis. Carson Valley median home price at 233,000 is 2% above January, 2009. At 10 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 7 homes sold in January, the Tahoe market (Douglas county only) continues to have an extremely high Months of Inventory (15.2 months) but is trending down - 34% lower than February, 2009. 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. January's median home price was $535,000.
     
  • Dayton - Dayton home sales in January, 2010 totaled 10 homes - a 17% decrease from January, 2009. Months of Inventory is 7.2 months - down 55% from one year ago. Median home price, at $142,000, is down 17% from one year ago.
     
  • Fernley - The median home price for Fernley in January, 2010 was $118,000 - a 3% increase over the median home Fernley home price in January, 2009 (yes, a year over year price increase). Fernley saw 37 homes sold representing a 37% increase over January, 2009. Months of Inventory is at 4.4 months which continues to be 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.
     

Want to see the charts and tables behind this summary? If you are not a subscriber to The Greater Reno-Tahoe Real Estate Report, sign up (at the top of this blog post) so you can review the charts and graphs behind the summary in this blog post.

Mitch Argon
CalNeva Realty

Mitch Argon
Broker - CalNeva Realty

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