Reno-Tahoe Real Estate Market Update - March 2010

Posted by Mitch Argon / CalNeva Realty on Tuesday, March 16th, 2010 at 6:55pm.

Reno-Tahoe Real Estate Market Update - March, 2010

This post offers a quick summary of Reno-Tahoe housing market statistics for key cities/areas. Subscribe to The Greater Reno-Tahoe Real Estate Report for complete details and charts behind the market statistics outlined below. (Yes, it is free)

  • Reno - For February, home sales were up 15% over February, 2009 - 213 homes sold; this represents a slowdown in the percentage from prior months but the market has been up substantially for the last year so, this is to be expected. February's median sold home price was $180,000 - down 14% form February, 2009 but fairly stable for the last six months (last six month average is $182K). Reno Months of Inventory for March is at 6.8 months - down 37% from March, 2009 and fairly stable from last month.
  • Sparks - Sparks homes sold in February totaled 119 (up 18% over one year ago February sales); median home price equals $ 165,000 - matching the most recent low of $165,000 in October, 2009. Months of Inventory, at 5.9 months, is down 36% from this time last year and remaining stable.
  • Carson City - February homes sold totalled 30 which represents a 88% increase from February, 2009. Carson City's median home price was $208,000 in February. At 8.9 Months of Inventory, Carson City's key metric of buy/seller market is down 19% from one year ago but still above the 5-7 months that should translate to neutral price pressure.
  • Carson Valley - Homes sold in February 2010 totaled 28 - an 8% increase over February, 2009. Carson Valley median home price at 215,000 is 12% below February, 2009 and marks a new low in this market cycle (the last low was in September 2009 at $221K). At 9.9 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 February, the Tahoe market (Douglas county only) continues to have an extremely high Months of Inventory (15 months) but is trending down - 39% lower than March, 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. February's median home price was $450,000.
  • Dayton - Dayton home sales in February, 2010 totaled 11 homes - a 15% decrease from February, 2009. Months of Inventory is 7.0 months - down 53% from one year ago. Median home price, at $158,000, is up 8% from one year ago. This increase in the Dayton median home price is the first year over year gain since September, 2007 - a notable point.
  • Fernley - The median home price for Fernley in February, 2010 was $105,000 - a 10% decrease over the median home Fernley home price in February, 2009. Fernley saw 38 homes sold representing a 5% decrease over February, 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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