Reno-Tahoe Real Estate Market Update - September, 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 as well as foreclosure and short sale statistics, subscribe to The Greater Reno-Tahoe Real Estate Report.(Yes, it is free.)
After July's anemic sales volume numbers, August shows an increase for most markets in the region, although still below June's sales volume. As mentioned last month, this 'let down' will likely continue as a result of the acceleration of demand for the federal tax credits which required the home to close by June 30, 2010.
- Reno - For August, home sales were down 14% from August, 2009 - 284 homes sold (still quite a bit down from June, 2010 at 399 homes sold). August's median sold home price was $186,250 - roughly equal to August, 2009. Reno Months of Inventory for September is at 7.7 months - down 11% from September, 2009, and slightly up from prior months based on the decrease in sales volume.
- Sparks - Sparks homes sold in August totaled 159 (up 12% from one year ago August sales); median home price equals $160,700 - which represents a new low after the most recent low of $162,900 last month. Months of Inventory, at 6.1 months, is down 12% from this time last year and remaining stable. Sparks continues to be in a "neutral pricing" zone - prices will remain fairly stable at 5 - 7 months of inventory.
- Carson City - August homes sold totaled 28 which represents a 13% decrease from August, 2009. Carson City's median home price was $196,475 in August. At 10.4 Months of Inventory, Carson City's key metric of buy/seller market is down 2% from one year ago but still above the 5-7 months range and climbing a bit. 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 August 2010 totaled 33 - a 35% decline over August, 2009. The Carson Valley market has been experiencing strong sales volume over the last year which will eventually help to reduce inventory levels, however, the last two months have been declining more than I would have thought as a result of the tax credit expiration. Carson Valley median home price at 220,500 is 8% below August, 2009. At 10.5 Months of Inventory (again up from last month), this market, like Carson City, will remain in 'buyer market' territory for a while longer than other local markets.
- Lake Tahoe - With 11 homes sold in August, the Tahoe market (Douglas county only) continues to have an extremely high Months of Inventory (20.1 months), which has a seasonal increase due to the summer 'selling season' when more inventory comes onto the market. Also of note is the fact that Tahoe sales, being primarily vacation and second home purchases, were largely immune to the tax credit acceleration effect. 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. August's median home price was $930,000.
- Dayton - Dayton home sales in August, 2010 totaled 24 homes - a 20% decrease from August, 2009. Months of Inventory is 7.6 months - down 6% from one year ago and remaining fairly stable. Median home price, at $129,825, is down 14% from one year ago showing a bit of a yo-yo trend between the 130K and 160K range in recent months.
- Fernley - The median home price for Fernley in August, 2010 was $105,000 - a 7% decrease over the median home Fernley home price in August, 2009. Fernley saw 29 homes sold representing a 49% decrease over August, 2009. Months of Inventory is at 4.6 months which continues to be the lowest in the region and puts Fernley "technically" into a Seller's market with upward pressure on prices.
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Broker - CalNeva Realty