Reno-Tahoe Real Estate Trends - February, 2011

Posted by Mitch Argon / CalNeva Realty on Tuesday, February 15th, 2011 at 4:09pm.

Reno-Tahoe Real Estate Trends - February, 2011

See below for a snapshot of real estate statistics for the following markets in Northern Nevada: Reno, Sparks, Carson City, Carson Valley (Minden/Gardnerville/Genoa), Dayton, Fernley, and Lake Tahoe (Douglas County only).

  • Reno - For January, home sales were up 4% from January, 2009 - 238 homes sold. January's median sold home price was $175,000 - a 3% gain from January, 2009. Reno Months of Inventory for February is at 6.9 months - up 3% from February, 2009, and slightly lower from prior months. Again, all metrics for Reno are fairly stable. The Reno median home price's recent "bottom" was in January, 2010 at $170,000 so this market has had very stable pricing over the last 12 months.

  • Sparks - Sparks homes sold in January totaled 116 (up 8% from one year ago January sales); median home price equals $144,000 - which is a new low in the 'current market cycle' and 13% lower than one year ago. With Months of Inventory for Sparks at 6.4 months (lower than Reno), the more rapidly declining median home price in Sparks is a bit surprising. Sparks continues to be in a "neutral pricing" zone - prices will remain fairly stable at 5 - 7 months of inventory.

  • Carson City - January homes sold totaled 25 which represents an 4% decrease from January, 2009. Carson City's median home price was $155,000 in January - down 21% from prices a year ago. At 8.9 Months of Inventory, Carson City's key metric of buy/seller market is up 4% from one year ago but still above the 5-7 months range. 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 January 2010 totaled 42 - a 62% increase over January, 2009 - which was very anemic. Carson Valley median home price at $180,325 is 23% below January, 2009 and represents a new low since the peak in September, 2005 at nearly $432,000. At 8.6 Months of Inventory (down 14% 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 9 homes sold in January, the Tahoe market (Douglas county only) had a nice pickup (29%) over January, 2009. More significantly, the Months of Inventory for this area is continuing to trend down rapidly with February at 11.3 months - a 26% decline from one year ago. The median home price was $615,000. 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.

  • Dayton - Dayton home sales in January, 2010 totaled 19 homes - a 27% increase from January, 2009. Months of Inventory is 8.9 months - up 26% from one year ago. Median home price, at $115K, is down 19% from one year ago. While Dayton's unit home sales really took off, it appears that with a climbing Months of Inventory, this market is in a bit of a 'yo yo' cycle.

  • Fernley - The median home price for Fernley in January, 2010 was $76,000 - a 36% decrease over the median home Fernley home price in January, 2009. This surprised me (had to double check the number - twice) as the number represents a $12K drop over Fernley's last lowest sold figure of $87,000 - in September, 2009! Fernley saw 27 homes sold representing a 27% decrease over January, 2009. Months of Inventory is at 5.3 months which continues to be the lowest in the region and puts Fernley "technically" into a Seller's market with upward pressure on prices (as is shown by current prices compared to a year ago). The Months of Inventory has been steadily climbing upward, however, similar to what is happening in Dayton.

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.

Mitch Argon
CalNeva Realty

Mitch Argon
Broker - CalNeva Realty

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