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.
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Broker - CalNeva Realty