Reno-Tahoe Real Estate Trends - April, 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 - During March, home sales were up 8% from March, 2010 - 351 homes sold. March's median sold home price was $160,000 - an 11% drop from March, 2010 and a new low for Reno in this market cycle. Reno Months of Inventory for April is at 6.8 months - unchanged from April, 2010. Again, all metrics for Reno are fairly stable. Considering there are no government incentives in the marketplace now, the increase in transaction volume speaks to the affordability of housing. I am a bit surprised at the new low in median price due to the strength of the transactions over last year - we'll see if it is a 'blip' or a new trend in the coming months.
- Sparks - Sparks homes sold in March totaled 153 (up 6% from one year ago March sales); median home price equals $164,900 - 1% higher than the Sparks median home price one year ago. Months of Inventory for Sparks is at 6.2 months. Sparks continues to be in a "neutral pricing" zone - prices will remain fairly stable at 5 - 7 months of inventory.
- Carson City - There were 47 homes sold during March which represents a 34% increase from March, 2010. Carson City's median home price was $170,000 in March - down 3% from prices a year ago. At 8.4 Months of Inventory, Carson City's key metric of buy/seller market is down 1% 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 March 2011 totaled 50 - a 14% decrease over March, 2010. Carson Valley median home price at $202,000 is 19% below March, 2010. At 7.8 Months of Inventory (down 22% 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. With the increased sales volume and decreasing months of inventory, this market is moving towards more stable pricing. The 7.8 Months of Inventory is the lowest level since 2006.
- Lake Tahoe - With 5 homes sold in March, the Tahoe market (Douglas county only) was 29% below the March, 2010 sales volume. More significantly, the Months of Inventory for this area is continuing to trend down rapidly with April at 11.5.0 months - a 21% decline from one year ago. The median home price was $650,000. 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 March, 2011 totaled 34 homes - a 55% increase from March, 2010. Months of Inventory is 7.6 months - up 12% from one year ago. Median home price, at $130,450, is down 10% from one year ago.
- Fernley - The median home price for Fernley in March, 2011 was $94,950 - a 5% decrease over the median Fernley home price in March, 2010. Fernley saw 52 homes sold representing a 2% decrease over March, 2010. Months of Inventory is at 5.5 months which continues to be the lowest in the region and puts Fernley "technically" into a sold netrual market where prices should remain stable.
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Broker - CalNeva Realty