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.
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Broker - CalNeva Realty