Reno-Tahoe Real Estate Market Update - July, 2010
Below is a quick snapshot of the Reno-Tahoe housing market statistics for key cities/areas. If you want to see the data tables and color charts behind these trends, subscribe to The Greater Reno-Tahoe Real Estate Report.(Yes, it is free)
- Reno - For June, home sales were up 13% over June, 2009 - 399 homes sold. The year over year sales increases in Reno have been positie AND healthy numbers since September, 2008 and at higher sales volume were bound to level out at some point. June's median sold home price was $173,000 - down 5% from June, 2009. Reno Months of Inventory for July is at 7.2 months - down 21% from July, 2009, equaly to June's Months of Inventory and relatively stable for the last 9 months.
- Sparks - Sparks homes sold in June totaled 188 (up 12% over one year ago June sales); median home price equals $168,250 - just above the $163,000 recent low seen in March, 2010. Months of Inventory, at 6.1 months, is down 15% from this time last year and remaining stable. Sparks is in a "neutral pricing" zone - prices will remain fairly stable at 5 - 7 months of inventory.
- Carson City - June homes sold totalled 51 which represents a whopping 96% increase from June, 2009. Carson City's median home price was $175,000 in June - just slightly higher than the most recent low of $167,500 in June, 2009. At 8.8 Months of Inventory, Carson City's key metric of buy/seller market is down 27% from one year ago but still above the 5-7 months range - expect Carson City to see more price decreases as compared to Reno, Sparks, Dayton, and Fernley - all of which have a lower Months of Inventory.
- Carson Valley - Homes sold in June 2010 totaled 52 - a 7% decline over June, 2009. The Carson Valley market has been experiencing strong sales volume over the last year which will eventually help to reduce inventory levels. Carson Valley median home price at 221,000 is 9% below June, 2009. At 9.8 Months of Inventory (and trending down), this market, like Carson City, will remain in 'buyer market' territory for a while longer than other local markets.
- Lake Tahoe - With 8 homes sold in June, the Tahoe market (Douglas county only) continues to have an extremely high Months of Inventory (20 months), which has a seasonal increase due to the summer 'selling season' when more inventory comes onto the market. 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. June's median home price was $737,500.
- Dayton - Dayton home sales in June, 2010 totaled 29 homes - a 28% decrease from June, 2009. Months of Inventory is 7.1 months - down 17% from one year ago and remaining fairly stable. Median home price, at $164,000, is up 17% from one year ago indicating the pricing is stabilizing.
- Fernley - The median home price for Fernley in June, 2010 was $110,000 - a 6% decrease over the median home Fernley home price in June, 2009. Fernley saw 47 homes sold representing a 24% decrease over June, 2009. Months of Inventory is at 4.0 months which continues to be the lowest in the region and puts Fernley "technically" into a Seller's market with upward pressure on prices. This is consistent from a "street view" where there are many multiple offer situations.
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.
Broker - CalNeva Realty