Reno-Tahoe Real Estate Trends - August, 2011
Last month, I put a spotlight on how the local real estate markets were shaping up at the mid point of 2011. Now that we have recorded sales for July and are one month into the second half of 2011, we can finally start to answer some questions about how the real estate market is functioning on a year over year basis WITHOUT the federal tax credits which expired June 30, 2010. I put together a summary table below showing how July-11 compares to July-10 for local markets.
July, 2010 to July, 2011 Comparison Summary
Percent Change (year over year)
|City||Homes Sold||Median Price|
As you can see, sales volume is up substantially over July 2010. This is due, in part, to the 'acceleration affect' that the tax credits had in June, 2010 - people who may have purchased in July, August, September of 2010 'rushed' to take advantage of the tax credit. July, 2010 sales numbers (as well as August and September) were slightly anemic due to this affect. This year over year percentage gain will level off over the coming months. Enough discussion on sales volume. Clearly, the median price (Tahoe excluded and very random due to only three sales in July) has taken a hit over the last 12 months - a topic we cover each month in our market report coverage.
The rest of this blog post covers summary market statistics for Reno, Sparks, Carson City, Carson Valley (Minden/Gardnerville/Genoa), Dayton, Fernley, and Lake Tahoe (Douglas County only) for August, 2011. This is an extract from The Greater Reno-Tahoe Real Estate Report which CalNeva Realty publishes monthly. The full report contains easy to read charts and more supporting data than this summary and can be found here.
NOTE: You will notice the Months of Inventory increase across all markets for August, 2011. A good portion of this change is based on how I am now counting homes in 'inventory'. Up to this time, all listings with a status of 'active-pending...' have been included in this figure - basically, those properties in escrow. Last month, our MLS issued a directive to listing agents to begin using the status 'pending-no show' for any property in escrow in which the Seller is not interested in receiving backup offers. This change will gradually (as agents adopt the practice) move more listings from the 'active-pending...' status to the 'pending-no show' status. As a result of this change, I am now including all 'active-pending...' AND 'pending-no show' listings in the Inventory and Months of Inventory counts.
- Reno - During July, home sales were up 19% from July, 2010 - 331 homes sold. July's median sold home price was $155,900 - an 18% drop from July, 2010. Reno Months of Inventory for August is at 8.2 months - the same as August, 2010.
- Sparks - Sparks homes sold in July totaled 163 (up 26% from one year ago July sales); median home price equals $139,900 - 14% lower than the Sparks median home price one year ago and a new low by $100 - April, 2011. Months of Inventory for Sparks is at 6.8 months.
- Carson City - There were 42 homes sold during July which represents a whopping 75% incrase from July, 2010. Carson City's median home price was $134,950 in July - down 22% from prices a year ago. At 9.9 Months of Inventory, Carson City's key metric of buy/seller market is up 5% from one year ago but still above the 5-7 months range.
- Carson Valley - Homes sold in July 2011 totaled 66 - a 50% increase over July, 2010. The Carson Valley median home price at $198,200 is 20% below July, 2010. At 10.0 Months of Inventory (down 3% from the same time one year ago), this market, like Carson City, will remain in 'buyer market' territory for a while longer than other local markets.
- Lake Tahoe - With 3 homes sold in July, the Tahoe market (Douglas county only) was 57% lower than the July, 2010 sales volume. Months of Inventory, at 19.7 months the same as August, 2010. The median home price was $3.24M. 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. Of note in Tahoe is the fact that of the 3 homes sold, two were in excess of $3M. The summer months are prime time for lake front property sales - the most expensive in Tahoe!
- Dayton - Dayton home sales in July, 2011 totaled 23 homes - 35% more than what sold in July, 2010. Months of Inventory is 7.7 months - 6% higher than one year ago. Median home price, at $102,900, is down 21% from one year ago and sets a new low water mark after the Dayton median home price hit $113K in December, 2010.
- Fernley - The median home price for Fernley in July, 2011 was $85,565 - a 20% decrease over the median Fernley home price in July, 2010. Fernley saw 56 homes sold representing a 27% increase over July, 2010!
To see the charts and tables behind this summary, subscribe to The Greater Reno-Tahoe Real Estate Report, sign up here to see a lot more detail and get a notice each month when the report is updated.
Broker - CalNeva Realty