Reno-Tahoe Real Estate Metrics - November, 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.)
All local markets reported unit sales decreases on a year over year basis. With prices lower than the same time last year and interest rates remaining extremely low, this reduction in sales activity is a likely indication of how much market activity was being generated from the federal tax credit for first time home buyers at this time last year(remember, the first program expired on December 1, 2009).
- Reno - For October, home sales were down 27% from October, 2009 - 291 homes sold. October's median sold home price was $175,000 - a 6% drop from October, 2009. Reno Months of Inventory for November is at 7.3 months - down 1% from November, 2009, and slightly up from prior months based on the decrease in sales volume. Again, all metrics for Reno are fairly stable except the rather large drop in unit sals volume.
- Sparks - Sparks homes sold in October totaled 120 (down 19% from one year ago October sales); median home price equals $165,495 - which is fairly stable (the average of the median price for the last 10 months is $164,000. Months of Inventory, at 6.2 months, is down 4% from this time last year but stable. Sparks continues to be in a "neutral pricing" zone - prices will remain fairly stable at 5 - 7 months of inventory.
- Carson City - October homes sold totaled 28 which represents a 28% decrease from October, 2009. Carson City's median home price was $166,250 in October - down 19% from prices a year ago. At 10.0 Months of Inventory, Carson City's key metric of buy/seller market is down 3% 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 October 2010 totaled 41 - a 31% decrease over October, 2009. Carson Valley median home price at 227,500 is 5% below October, 2009. At 10.0 Months of Inventory, this market, like Carson City, will remain in 'buyer market' territory for a while longer than other local markets.
- Lake Tahoe - With 7 homes sold in October, the Tahoe market (Douglas county only) continues to have an extremely high Months of Inventory (17.7 months) - down 9% from November, 2009. 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. October's median home price was $862,000.
- Dayton - Dayton home sales in October, 2010 totaled 18 homes - a 44% decrease from October, 2009. Months of Inventory is 8.1 months - up 31% from one year ago and remaining fairly stable. Median home price, at $140,500, is down 12% from one year ago.
- Fernley - The median home price for Fernley in October, 2010 was $99,450 - a 14% decrease over the median home Fernley home price in October, 2009 and within the range that prices have been recorded over the last 12 months (average of median price for the last 12 months is $107,000). Fernley saw 38 homes sold representing a 37% decrease over October, 2009. Months of Inventory is at 4.5 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).
Want to see the charts and tables behind this summary? If you are not a subscriber to The Greater Reno-Tahoe Real Estate Report, sign up (at the top of this blog post) so you can review the charts and graphs behind the summary in this blog post.
Broker - CalNeva Realty