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Carson City saw a bit of a derease in the number of homes sold in June compared to May. In June, 33 homes sold compared to 40 in May. However, when you compare June 2008 to June 2009, year over year volume is up. In June 2008 only 27 homes sold. Some pundits think that year over year is a better comparison that month over month because it compares a similar time of year.

A whopping 88% of the homes (or 26 homes) that sold in June went for less than $200,000, demonstrating that home affordability is back in our state’s Capitol. To further demonstrate the changing dynamic of prices in Carson City, there was not a single sale over $500,000, only one over $400,000, and three between $300,000 and $400,000. There were also three sales between $200,000 and $300,000. It’s clear that buyers simply are not interested in buying in Carson City when the price goes above $200,000.

Today there are 283 homes for sale in the Carson City area. Of the 283 homes available for sale, 21 are bank owned and 35 are short sale. That means 56 - or 19.8% - of the market is distressed.

How is the absorption rate looking for Carson City? Let’s take a look…

• Carson City currently has 283 homes on the market.
• In June, 33 homes sold
• 283 / 33 = 8.57 months

June marked a slip just outside the ‘normal’ range when considering the absorption rate. A normal market is defined as 5-7 months of inventory available for sale, determined by the absorption rate. The Carson City real estate market continues to struggle to determine it’s price floor and a steady sales volume.

(Our data is from the NNRMLS, excluding all shared ownership or manufactured housing in Area 200.)

Posted By: Christianne Gordon - Northern Nevada Real Estate Agent - Realtor with RE/MAX Realty Affiliates, specializing in Carson Valley Real Estate and Northern Nevada Real Estate .

The Carson Valley Nevada Real Estate Market saw 56 homes sold in June, up from 40 sales in May and 37 sales in April, so the good news is volume is trending up.

The average per square foot price ticked up slightly to $151.03, but the sales price as a percentage of asking slipped half a percentage point to 96.06%. These two indicators moved in opposite directions. Why, you ask? Well, while 75 % of the sales in June were under $350,000, 25% of the sales were higher. That’s 4% more sales this month than last month in the higher end markets. Higher end sales typically sell for a higher per square foot price, increasing the average per square foot price, but they also put downward pressure on the percentage of sales price to asking price ratio. The ratio for sales $300,000 and under was 96.87%, almost a full percentage point higher than the total market. That’s because the market is much more competitive in the lower price ranges. We are still seeing multiple contracts and prices being bid up from asking for properties under $250,000.

So how did the absorption rate end up? Let’s take a look…

• The Carson Valley area (Minden, Gardnerville & Genoa) currently has 453 homes on the market.
• In June, 56 homes sold
• 454 / 56 = 8.08 months

The absorption rate for the Carson Valley made a 2 point improvement after holding steady for three months. We are on the verge of a normal market from a volume perspective, which is defined as 5-7 months of inventory on the market. When you compare this to an absorption rate of 27 months in January, it is clear our market has made great strides towards normalcy. I had previously predicted that we’d see single digit absorption rates in the third quarter of this year - so our market improved faster than I had anticipated during June. However, it is important to keep in mind that spring and early summer are typically the busiest periods of time in the market.

Of the 453 homes on the market, 26 are bank owned and 46 are short sales. That means that 16% of our market is distressed. The biggest question of the day is whether more bank owned properties are coming. With everything that we’ve heard in our market, we are anticipating a second wave. It remains to be seen how the banks will dole out these properties. Even if they continue to trickle them out and inventory doesn’t spike upwards, the continued practice of reducing prices for a relatively quick sale will continue to put downward pressure on prices in our valley.

Today, there are 127 properties under contract / pending in the Carson Valley. That’s a lot of pending sales in the Carson Valley to close in the coming months. 

With the first time homebuyer credit expiring on December 1, 2008, there’s a big incentive for homebuyers to get out there and buy a home. Will it be extended? I believe it will be, but don’t bet on it! If you’re a buyer debating buying a home right now in Northern Nevada, don’t wait for these statistics to continue to trend upward. It may just cost you the house of your dreams.

Are you trying to decide what type of Independence Day celebration you’d like to attend in Northern Nevada? Here is the definitive list of all the parades, fireworks shows, and philharmonic events in the Reno, Sparks, Carson City, South Lake Tahoe and Carson Valley locations. There’s something for everyone for the 4th of July.

This 4th of July weekend is sure to be extra fun since it falls on a 3 day weekend. Events begin on Friday, July 3rd and will run through Sunday, July 5th. Here’s a list of the major events taking place around the Northern Nevada area:

Star Spangled Sparks

Since the City of Reno has decided not to have fireworks this year at San Rafael Park, Star Spangled Sparks will be your best Reno-Sparks bet for a full-throttle fireworks display. The celebration begins mid-day at the Spark Marina Park with the annual milk carton boat regatta, a kite flying contest, arts and crafts, and plenty of food and drinks. Later, the party moves to historic Victorian Square for fireworks over the Nugget. There is always live entertainment, and the fireworks will begin at 9:30pm. This promises to be a real traditional 4th of July family-friendly event and it’s free!

Virginia City 4th of July

In historic Virginia City, home of the Comstock Lode, you can enjoy the 4th of July Spectacular. This event includes a free concert and parade. The parade begins at Noon at the Fourth Ward School. Along the Virginia City boardwalk, there will be plenty of entertainment including facepainters, followed by fireworks at dusk, and best of all, it’s free!

Carson City 4th of July Celebration

The Carnival is in town in Carson City at Mills Park! Celebrate the 4th in our Capitol all weekend long with carnival rides, games, artis and crafts, plenty of classic carnival munchies, or bring a picnic lunch and enjoy the views of the majestic Sierra Nevadas. The fireworks show will begin at 9:15pm, and of course, it’s free.

Genoa Pops in the Park

Every year, the Reno Philharmonic Orchestra puts on a spectacular concert in Genoa, Nevada’s first settlement. The festivities begin at 1pm with clowns and meandering musicians. The concert is at Mormon Station State Park - the first ever settlement in Nevada. Don’t miss the opportunity to blend beaitiful weather, historical influence, and the breathtaking mountain views as you celebrate our nation’s independence.

South Lake Tahoe Fireworks - “Lights on the Lake”

Every year, South Lake Tahoe puts on an incredible display of fireworks - it is the largest synchronized fireworks display west of the Mississippi! If you’re lucky enough to have a boat, you can motor out, anchor, and then lay on your back and watch the magic right above your heads! If you’d prefer to keep your feet on land, many of the hotels offer great views of the show, as does Nevada Beach and other area beaches and parks. The fireworks will begin at 9:45pm.

A Word of Caution

As always, the 4th of July is a wonderful day in our nation’s history. However, it also can be a day where sometimes the best decisions aren’t made by everyone. My husband is a Trooper for the Nevada Highway Patrol, and often, he prefers we stay home because of the dangers associated with being out on the road on this day in particular. If you decide to go out, and you decide to drink, please designate a driver for the evening, take a cab home, or arrange for an overnight stay at one of the many hotels offering great rates for the weekend. If you decide to drive, please keep an eye on those around you. Just because you act responsibly doesn’t mean the person next you made the same sound decision. Let’s make it a great holiday, and get home safely for another wonderful tomorrow.

Happy (Early) 4th of July!

Posted By: Christianne Gordon - Northern Nevada Real Estate Agent - Realtor
with RE/MAX Realty Affiliates, specializing in Carson Valley Real Estate and Northern Nevada Real Estate.

Tomorrow is July 1 and the official start of July is Artown 2009 in Reno-Sparks area.

Artown is an annual month-long festival of the senses that takes place in the greater Reno and Sparks area. If you visit the website, you can sign up for artown event news, find locations to pick up a pocket-size calendar of events, and get more information on any event taking place this summer.

Opening Night’s celebration kicks off with a Discover the Arts workshop and Discover Gelatin Prints with poster artist Candace Nicol at 2pm in West Street Market.

The fun continues with face-painting for 260 children in West Wingfield Park at 4pm courtesy of Body Masterpiece. Children will be transformed into butterflies, super heroes and wild animals! Call 322-1538 to reserve your child’s spot. Children then proceed unter the Arlington Avenue bridge to the Wingfield Park Ampitheater.

At 7pm, none other than Greg London ICONMAN himself joins the opening ceremonies with musical impressions.

At 7:30pm, headliner Richie Havens performs, the voice that opened Woodstock in 1969.

If you like music and art, don’t miss Bling a String at 7pm at the Sierra Arts Gallery. At this unique event, twelve violins are given a second life, as some of of Northern Nevada’s most talented artists transform them into unique objects of art.

All these events tomorrow are FREE, thanks to the generous sponsors listed below.

Art is alive and well in Northern Nevada ~ Come be a part of it during July!

Posted By: Christianne Gordon - Northern Nevada Real Estate Agent - Realtor
with RE/MAX Realty Affiliates, specializing in Carson Valley Real Estate and Northern Nevada Real Estate.

This the perfect property for the family with toys. There is plenty of indoor storage for an RV, a boat, quads, jet skis, snow mobiles, motorcycles or you name it. The home is a three bedroom plus den/office/hobby room, 2,579 square feet, including an enclosed bonus room w/spa, all super clean and ready for a move in. There are two additional outbuildings - the first is a 24 x 48′ detached garage with shop. The larger is a 40 x 42′ additional garage with high doors. The home received a new roof in 2002.

This home is situated on 1.48 fully fenced acres. There are loads of possibilities and this home is just waiting for someone to come and put some loving touches into it.

View the Virtual Tour Here: 1501 South Riverview Drive

Meticulously maintained by its original owners, this home has appeal and finesse everywhere you look! Tile counters and floors abound throughout the house. A full wet bar tucked into a nook of the great room features a wine rack, stemware rack, refrigerator with ice maker, full sink and more. Don’t miss the to-die-for pantry, enormous cook’s delight kitchen an expansive nook with room to seat 8 while enjoying the views. And did you see the views!?! The 12’ windows in the family room frame the majestic Sierras perfectly! Convenient to 395, schools, shopping, recreation & more!

Situated on 1.23 acres, the home has a unique location affording it unobstructed views of the Sierra Nevada and Job’s Peak at “just the right angle”. Facing southwest, the sun never beats into your home but you can still enjoy the year-round views. There is landscaping both front and back – and a shed out back to store all your yard tools in – its been painted to match the house and is on a concrete pad! There is also plenty of RV parking and room for lots of toys. The lot is completely fenced as well. Close to BLM, it’s a perfect place to hike or ATV right from your front door!

View the Virtual Tour Here! 1535 High Pointe Court Virtual Tour

For more information or a showing on this property, please call Christy at (775) 881-8223 or Steve at (775) 690-0685.

1503 Deseret Drive in Minden is a brand new, never been lived in home withing walking distance to historic downtown Minden. Enjoy the spectacular year-round views of the majestic Sierra Nevada Mountains from the Great Room and Master Bedroom. This home features 4 large bedrooms, 2-1/2 baths and a 3 car garage with room for a shop. One bay has tandem parking and would make a great workshop. There is air conditioning and a hot water circulating pump that provides instant on hot water throughout the house.

Situated on 0.18 acre corner lot and built in 2005, the home has great location and spectacular views. Originally marketed for sale by the builder, Cornerstone Construction, it was offered at $589,000. Most recently, it was offered for sale at $547,000. It is now a bank-owned REO property and can be yours for $367,900! You heard me - a BRAND NEW HOUSE - NOT in a tract, with room for an RV and a 3 car garage. The bank has reduced the price twice and is looking for a buyer? Could it be you?

View the Virtual Tour Here! 1503 Deseret Drive, Minden, Nevada 89423

For more information or a showing on this property, please call Christy at (775) 881-8223 or Steve at (775) 690-0685.

Spectacular & Immaculate! This home is incredible! High ceilings, custom paint, formal living/dining room, great room with enormous kitchen, built-in custom media center, granite slab counters, stainless steel appliances, professionally landscaped front & back, stubbed in barbeque - what are you waiting for? This house is THE ONE! Gorgeous ceramic tile floors, central vacuum system, 3 bedrooms plus a den, 3 car garage. Stunning backyard with firepit - an entertainer’s delight!

This breathtakingly beautiful home is loaded with upgrades and is priced to SELL! The kitchen is big enough for 3 cooks to never bump into each other, the great room is big enough for Paul Bunyon! The patio out back features a gas stub for barbequeing, a fire pit, and top of the line audio is piped throughout the house. There are even speakers outside on the patio! Separate laundry room complete with cabinets and sink with counter, this home really does have it all and it looks like it’s never been lived in! Absolutely pristine! Decorator palette custom paint throughout. If you’re looking in De’Andrea you HAVE to see this house!

View this home’s Virtual Tour HERE!

This spectacular home is open Saturday, June 20th from 1-4pm. For more information or a showing on this property, please call Christy at (775) 881-8223 or Steve at (775) 690-0685.

Over the last five months, the real estate market conditions in the Carson Valley Nevada area have changed substantially. Just as buyers were reluctant to accept the slide in values over 2006-2009, it seems that buyers are reluctant to accept the fact that the market is moving much more quickly. Bank owned properties appear to be the reason why our market has changed direction.

Here is what the market looks like today for bank owned homes in the Carson Valley Nevada area:

As you can see from reviewing the chart, the bank owned properties have all but cleared out of our market. They’ve made up 33% of our sales in the last year. If we drill down a little further, we discover that the median price of the 148 bank owned homes that sold in the last year was $210,000. The median list price was $214,350.

It’s clear that bank owned properties have been sought out in our market over the last year and almost all have sold. Sellers have realized that if they truly want to sell their home, they cannot overlook the bank owned properties as comparables. The bank owned properties over the last year have helped sellers realize values have changed.

Now it’s up to buyers to understand that both banks and individual sellers have already priced their home to sell in response to how bank owned comparables have changed the market. Buyers are advised to have their agents run the last 90 days sales comparables for any property they are considering buying to determine if the price is reasonable. That logic also follows for bank owned properties. More often than not, banks have priced their inventory very competitively, and are not selling them for an additional 20% off. Bank owned properties in the Carson Valley are selling within 2% of asking on average.

If you’re considering buying a bank owned property, be prepared to act quickly. Have your pre-approval from the bank or mortgage broker of your choice ready.

If you’d like more information on bank owned homes in the Carson Valley, call me at (775) 881-8223 or email me at christy@greatnevadahomes.com.

(Our data is from the NNRMLS, excluding all shared ownership or manufactured housing in Area 300.)

The numbers for May are in! 43 homes sold in May in the Carson Valley. We had 37 sales in April and 39 in March, so we’re holding steady in terms of volume.

The average per square foot price also held steady at $145.06, and the sales price as a percentage of asking was 96.51%. This is one of the primary indicators I feel will show market traction and also will be one of the first to tell us when market appreciation will begin at some point in the future. If homes start selling at what they are asking, then future sellers will opt to start testing the market ever so higher. That’s a ways away but we’re heading in the right direction.

How is the absorption rate looking for the Carson Valley? Let’s take a look…

• The Carson Valley area (Minden, Gardnerville & Genoa) currently has 452 homes on the market.
• In May, 43 homes sold
• 452 / 43 = 10.5 months

The absorption rate for the Carson Valley has held steady for the last three months. The good news is that we are not far off from a normal market, which is defined as 5-7 months of inventory on the market. When you compare this to an absorption rate of 27 months in January, it is clear our market has made great strides towards normalcy. I continue to assert my opinion that the market is normalizing and by the end of the third quarter; I predict we will see single digit absorption rates in the Carson Valley.

Today, there are 137 properties under contract / pending in the Carson Valley. That’s a lot of homes to close escrow in the coming months further demonstrating the Carson Valley real estate market’s recovery.

If you’re a buyer debating buying a home right now in Northern Nevada, don’t wait for these statistics to continue to trend upward. It may just cost you the house of your dreams.