Reno - Tahoe Real Estate Update - July 2009

Posted by Mitch Argon / CalNeva Realty on Tuesday, July 14th, 2009 at 8:43pm.

Reno-Tahoe Real Estate Market Update

Greetings. I have been neglecting my blog posts (understatement) for the last few months. The market has been keeping me quite busy and I have brought on a couple of agents to help me out... so "biz has been good" and it feels good to get back into somewhat of a routine on these posts.

The table below is an extract - June and July 2009 only - of data that feeds The Greater Reno-Tahoe Real Estate Report. For complete trends and statistics, you can subscribe online (free). There are a few key items to point out from this month's market update:

  • New Lows on Median Price: Carson City and Dayton are at new "recent" lows since the peak in 2005.
  • Transaction Volume: Substantially up in Reno, Sparks, Fernley, and Dayton on a year over year basis. Fernley actually had more transactions close in June than in any month since October, 2005!
  • Markets Nearing Bottom Pricing: Fernley, Sparks, Dayton - all are closing in on a Months of Inventory near the 6 month range - generally indicates neutral pricing pressure.

From a 'feet on the street' perspective, the markets under $250,000 are now EXTREMELY COMPETITIVE with multiple offers within days on anything that is decent. A great deal of this demand is fueled by the Federal Tax Credit (up to $8,000) which requires the property to be closed by November 30, 2009 (among a few other criteria). This demand has made things difficult for investors and many are opting to sit on the sideline until November when the first time home buyer demand may subside a bit.

Until next time... (hopefully not three months from now) - Mitch


    June '09 July '09
Reno      
  Inventory 2,362 2,365
  Inventory Change (annual) (12%) (15%)
  Sold 354  
  Sold Change (annual) 36%  
  Median Price (Thousands) $ 182  
  Price Change (annual) (35%)  
  Months of Inventory 9.6 9.1
  Mo Inv Change (30%) (36%)
Sparks      
  Inventory 887 863
  Inventory Change (annual) (9%) (13%)
  Sold 168  
  Sold Change (annual) 63%  
  Median Price (Thousands) $ 179  
  Price Change (annual) (25%)  
  Months of Inventory 7.8 7.2
  Mo Inv Change (35%) (40%)
Carson City      
  Inventory 323 336
  Inventory Change (annual) (16%) (16%)
  Sold 26  
  Sold Change (annual) 4%  
  Median Price (Thousands) $ 168  
  Price Change (annual) (44%)  
  Months of Inventory 11.6 12.0
  Mo Inv Change (2%) (4%)
Carson Valley      
  Inventory 559 555
  Inventory Change (annual) (12%) (13%)
  Sold 56  
  Sold Change (annual) 27%  
  Median Price (Thousands) $ 244  
  Price Change (annual) (6%)  
  Months of Inventory 14.0 13.4
  Mo Inv Change (13%) (17%)
Lake Tahoe - NV      
  Inventory 150 158
  Inventory Change (annual) (1%) 2%
  Sold 8  
  Sold Change (annual) 33%  
  Median Price (Thousands) $ 517  
  Price Change (annual) (10%)  
  Months of Inventory 24.3 24.3
  Mo Inv Change 3% 1%
Dayton      
  Inventory 190 174
  Inventory Change (annual) (6%) (17%)
  Sold 40  
  Sold Change (annual) 186%  
  Median Price (Thousands) $ 141  
  Price Change (annual) (30%)  
  Months of Inventory 10.1 8.5
  Mo Inv Change (34%) (45%)
Fernley      
  Inventory 276 261
  Inventory Change (annual) (33%) (37%)
  Sold 62  
  Sold Change (annual) 170%  
  Median Price (Thousands) $ 117  
  Price Change (annual) (31%)  
  Months of Inventory 7.7 6.7
  Mo Inv Change (51%) (57%)
Mitch Argon
Broker - CalNeva Realty

2 Responses to "Reno - Tahoe Real Estate Update - July 2009"

Karen Hope wrote: Just want to say thanks. I enjoy getting your reports. ~Karen

Posted on Wednesday, July 15th, 2009 at 2:11pm.

Joe Kovacevich wrote: Thanks Mitch, look forward to receiving your reports and updates.

Posted on Wednesday, July 15th, 2009 at 7:06pm.

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