Reno-Tahoe Real Estate Trends - March, 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 February, home sales were up 18% from February, 2010 - 251 homes sold. February's median sold home price was $173,000 - a 4% drop from February, 2010. Reno Months of Inventory for March is at 6.8 months - down 1% from March, 2010, and continuing to decline very slowly. 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.
- Sparks - Sparks homes sold in February totaled 130 (up 9% from one year ago February sales); median home price equals $145,000 - which is just slightly higher than last month and 12% below the Sparks median home price one year ago. With Months of Inventory for Sparks at 6.2 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 - There were 37 homes sold during February which represents an 23% increase from February, 2010. Carson City's median home price was $152,250 in February - down 27% from prices a year ago. At 8.7 Months of Inventory, Carson City's key metric of buy/seller market is down 2% 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 February 2011 totaled 43 - a 54% increase over February, 2010. Carson Valley median home price at $198,000 is 8% below February, 2010. At 8.3 Months of Inventory (down 17% 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.
- Lake Tahoe - With 5 homes sold in February, the Tahoe market (Douglas county only) matched the sales volume for February, 2010. More significantly, the Months of Inventory for this area is continuing to trend down rapidly with March at 12.0 months - a 20% decline from one year ago. The median home price was $655,000. 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 February, 2011 totaled 22 homes - a 100% increase from February, 2010. Months of Inventory is 8.3 months - up 21% from one year ago. Median home price, at $139,450, is down 12 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 February, 2011 was $109,000 - a 4% increase over the median Fernley home price in February, 2010. Fernley saw 25 homes sold representing a 34% decrease over February, 2010. Months of Inventory is at 5.6 months which continues to be the lowest in the region and puts Fernley "technically" into a sold netrual market where prices should remain stable.
To see the charts and tables behind this summary, subscribe to The Greater Reno-Tahoe Real Estate Report, sign up here to see a lot more detail and get a notice each month when the report is updated.
Broker - CalNeva Realty