Reno-Tahoe Real Estate Trends - October, 2011
This blog post covers a high level market overview for Reno-Tahoe area residential real estate. To see the charts and tables behind this summary, subscribe to The Greater Reno-Tahoe Real Estate Report, view or sign up here to see a lot more detail and get a notice each month when the report is updated.
- Reno - During September, home sales were up 22% from September, 2010 - 377 homes sold. September's median sold home price was $155,000 - 11% below September, 2010 and within $1,000 of the median price from each of the last four months. Reno Months of Inventory for October is at 7.4 months - 1% lower than October, 2010.
- Sparks - Sparks homes sold in September totaled 176 (up 23% from one year ago September sales); median home price equals $144,475 - 10% lower than the Sparks median home price one year ago. Months of Inventory for Sparks is at 6.2 months, 2% higher than October, 2010. For October, Sparks Months of Inventory is equal to Fernley - both representing the lowest in the region.
- Carson City - There were 39 homes sold during September which represents an 22% increase from September, 2010. Carson City's median home price was $150,000 in September - down 1% from prices a year ago. At 8.6 Months of Inventory, Carson City's key metric of buy/seller market is down 16% from one year ago but still above the 5-7 months range to achieve price stability.
- Carson Valley - Homes sold in September 2011 totaled 44 - a 20% decrease over September, 2010. The Carson Valley median home price at $172,500 is 11% below September, 2010. At 9.0 Months of Inventory (down 11% 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 10 homes sold in September, the Tahoe market (Douglas county only) was 25% higher than the September, 2010 sales volume. Months of Inventory, at 18.6 months, is 3% lower than October, 2010. The median home price was $427,000. 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 September, 2011 totaled 26 homes - 30% more than what sold in September, 2010. Months of Inventory is 7.4 months - 3% lower than one year ago. Dayton median home price, at $131,450 is down 7% from one year ago.
- Fernley - The median home price for Fernley in September, 2011 was $87,777 - a 16% decrease over the median Fernley home price in September, 2010. Fernley saw 37 homes sold representing a 16% increase over September, 2010. Months of Inventory is at 6.2 months which is the lowest in the region (tied with Sparks).
Have a great day!
Broker - CalNeva Realty