Reno-Tahoe Real Estate Market Update - May, 2010
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- Reno - For April, home sales were up 23% over April, 2009 - 339 homes sold. April's median sold home price was $185,000 - down 1% form April, 2009. Reno Months of Inventory for May is at 6.8 months - down 33% from May, 2009 and fairly stable from last month.
- Sparks - Sparks homes sold in April totaled 158 (up 14% over one year ago April sales); median home price equals $168,500. Months of Inventory, at 6.1 months (same as March), is down 23% 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 - April homes sold totalled 38 which represents a 31% increase from April, 2009. Carson City's median home price was $196,450 in April. At 8.6 Months of Inventory, Carson City's key metric of buy/seller market is down 26% from one year ago but still above the 5-7 months range - expect Carson City to see more price decreases as compared to other local markets.
- Carson Valley - Homes sold in April 2010 totaled 55 - a 45% increase over April, 2009. Carson Valley median home price at 215,000 is 7% below April, 2009 - $215K ties February, 2010 for the lowest median price in the current market correction cycle. At 9.3 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. Carson Valley home sales have lagged other local markets over the last few years but this market is now becoming much more active showing increases in year over year home sales of +37%, +8%, +49%, and +45% for January through April of 2010.
- Lake Tahoe - With 7 homes sold in April, the Tahoe market (Douglas county only) continues to have an extremely high Months of Inventory (16 months) but is trending down - 28% lower than May, 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. April's median home price was $425,000.
- Dayton - Dayton home sales in April, 2010 totaled 22 homes - a 12% decrease from April, 2009. Months of Inventory is 6.8 months - down 40% from one year ago. Median home price, at $158,750, is down 12% from one year ago.
- Fernley - The median home price for Fernley in April, 2010 was $124,900 - an 18% increase over the median home Fernley home price in April, 2009. Fernley saw 47 homes sold representing a 21% increase over April, 2009. Months of Inventory is at 3.9 months which continues to be the lowest in the region. As mentioned in prior blog posts, Fernley's low months of inventory puts upward pressure on median price. Fernley has seen a year over year median price change from January throug April at +37%, -5%, +13%, and +21% - expect this trend to continue.
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Broker - CalNeva Realty