Reno-Tahoe Real Estate Market Update - June, 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 May, home sales were up 1% over May, 2009 - 298 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. May's median sold home price was $187,000 - UP 4% from May, 2009. This marks the first month since June of 2007 that there has been a year over year price increase. Reno Months of Inventory for June is at 7.2 months - down 25% from June, 2009 and relatively stable - teetering right around 7 months since November, 2009.
- Sparks - Sparks homes sold in May totaled 146 (up 20% over one year ago May sales); median home price equals $164,995 - just above the $163,000 recent low seen in March, 2010. Months of Inventory, at 6.3 months, is down 20% 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 - May homes sold totalled 34 which represents a 6% decrease from May, 2009. Carson City's median home price was $175,000 in May. At 8.9 Months of Inventory, Carson City's key metric of buy/seller market is down 23% 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 May 2010 totaled 55 - a 31% increase over May, 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 225,000 is 6% below May, 2009. At 9.7 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 5 homes sold in May, the Tahoe market (Douglas county only) continues to have an extremely high Months of Inventory (19.6 months) but is trending down - 20% lower than June, 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. May's median home price was $519,900.
- Dayton - Dayton home sales in May, 2010 totaled 22 homes - a 24% decrease from May, 2009. Months of Inventory is 7.1 months - down 30% from one year ago. Median home price, at $131,245, is down 22% from one year ago.
- Fernley - The median home price for Fernley in May, 2010 was $107,000 - a 3% increase over the median home Fernley home price in May, 2009 and the second consecutive month with a year over year increase in median price for Fernley homes. Fernley saw 35 homes sold representing a 19% decrease over May, 2009. Months of Inventory is at 4.3 months which continues to be the lowest in the region.
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