GreatNevadaHomes.com

Carson City Nevada Real Estate Market Report – August and September 2009 Home Sales Results

35 homes sold in Carson City in August 2009 and , a 36% volume increase year over year when 42 homes sold in July 2008.

What were the key indicators for the August Carson City real estate market?

• 35 homes sold
• Average asking price is $206,399
• Average selling price is $200,551
• Average days on market was 94

And here are the stats for Carson City homes sold for September:

• 41 homes sold
• Average asking price is $260,239
• Average selling price is $248,140
• Average days on market was 126

So what is the absorption rate for Carson City?

• There are 268 homes on the market as of 10/07/09
• 41 homes sold in July
• 268/41 = 6.54 months of inventory

The absorption rate for the Carson City continues to be strong and is within 5-7 months considered a normal supply. This is a huge turnaround from the 15+ months of inventory we had on the market in February.

Of the 268 homes on the market, 26 are bank owned and 46 are short sales. That means that 26.8% of the Carson City real market is distressed. This percentage has held steady and is within just a few percentage points of February when it was 27.7%.

(Data provided courtesy of the Northern Nevada Regional Multiple Listing Service and excludes manufactured and shared ownership housing for Area 200, known as Carson City.)

Carson City Nevada Real Estate – 1101 Calaveras Drive – $369,900 – NEW LISTING!

Enjoy this beautiful west side Carson City home just walking distance from the Governor’s Mansion. Previously upgraded and remodeled including plantation shutters, this turn key property is sure to delight! Complete with a wine cellar and wood burning fireplaces the living zones provide the opportunity for the lifestyle you are seeking. Walk out the patio door to discover a very private backyard with a wonderful patio surrounding an in ground swimming pool with a diving board.

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

July 2009 Carson City Nevada Real Estate Market Report

We had 57 home sales in Carson City in July 2009, a 36% volume increase year over year when 42 homes sold in July 2008.

Hereis a quick look at the Carson City market for July:

• 57 homes sold
• Average asking price is $221,178
• Average selling price is $212,315
• Average days on market is 147

So what is the absorption rate for Carson City?

• There are 289 homes on the market as of 8/5/09
• 57 homes sold in July
• 119/29 = 5.07 months of inventory

The absorption rate for the Carson City ontinues to be strong and is within 5-7 months considered a normal supply. This is a huge turnaround from the 15+ months of inventory we had on the market in February.

Of the 289 homes on the market, 23 are bank owned and 45 are short sales. That means that 24% of the Carson City Nevada market is distressed. This percentage has held steady and is within just a few percentage points of February when it was 27.7%.

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? Who knows??? 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.

(Data provided courtesy of the Northern Nevada Regional Multiple Listing Service and excludes manufactured and shared ownership housing for Area 200, known as Carson City. Carson City Nevada photograph courtesy of hanneorla – Flickr.com)

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.)

As of March 31, 2009, there are 289 homes for sale in Carson City. The market is holding steady when compared with 292 homes for sale a month ago.

Of the 289 homes available for sale, 33 are bank owned and 47 are short sale. That means that 80 homes are distressed, equating to 27.7% of the market. That is the sale as last month. Although the proportion of distressed homes did not decrease, it did hold steady, and is down from slightly from January. It’s too soon to call it a trend, but if this pattern holds for a couple more months, it will make the argument that the Carson City real estate market is on the mend.

Today, there are 70 properties under contract / pending in Carson City. So how does this affect the absorption rate? Let’s take a look…

• The Carson City real estate market currently has 289 homes on the market.
• In March, 30 homes sold
• 289 / 29 = 9.63 months

If the Carson City market continues to sell 30 homes a month for the next couple of months and current levels of inventory hold, Carson City may be on the road to recovery the fastest when compared with it’s neighoring towns Dayton, Gardnerville and Minden.

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

After pulling the statistics for homes sold in Carson City, Nevada for February, 2009, and the first thought I had was “Now, that’s more like it“. 19 homes sold in February, up from 10 in January. Sadly, 19 homes sold for February is still WAY off from a normal market, but it’s almost 100% better than last month.

Similar to January, 18 of the 19 homes sold were asking under $400,000. Only one sold above, and it sold for $420,000. The mid-level and upper-level markets are virtually dead in Carson City.

Today, there are 292 homes available for sale, and 56 homes are pending sale. Of the 292 homes available for sale, 81 of them are either short sale or bank-owned. That equates to 27.7% of the market being distressed. That’s actually 2% better than January.

Our home sold and available for sale data is courtesy of the NNRMLS, excludes manufactured or shared ownership housing, and covers Area 200, known as Carson City.

With the Carson Valley’s meager beginning to 2009 with only 18 homes sold for the month of January, I was almost nervous to run the statistics for Carson City. And I was right. It’s not pretty.

For the month of January 2009, ten (count them – 10) homes sold. OUCH! Not a single home sold was even asking over $400,000, which reiterates the presumption that the mid and upper end markets are dead.

It’s no big surprise, but saddening nonetheless that the Carson City market continues to slide. The average per square foot price of the ten homes sold was $127. The average days on market was 227. The one bright spot is that the Sold Price as a Percentage of Asking Price tightened up a bit and was 96.37%, a full percentage point and some higher than the last three months. ‘

As of today, there are 301 homes available for sale in the Carson City area. Of the 301 homes, 46 are bank owned, and 42 are short sales. That equates to 29.2% of the market being distressed.

There is some good news here – you just have to look for it! The number of homes on the market has decreased significantly over the last three months, which will help the natural balance of supply and demand. And, even more importantly, there are currently 37 homes pending in the MLS right now. That means there are 37 sales waiting to be completed. That bodes well for the month of February and March.

January typically is the worst month of the year when it comes to home sales…In January 2008, only 22 sold. So we’re off volume-wise, but look at it this way, the worst month of the year to sell your home is behind you!

Our home sold and available for sale data is courtesy of the NNRMLS, excludes manufactured or shared ownership housing, and covers Area 200, known as Carson City.

The Carson City real estate market continued down the slippery slope for September. The good news was that 41 homes sold in Carson City in September. That’s almost twice the number of homes sold during August and gives the Carson City real estate market a return to a more normal volume – at least normal for the last 18 months.

The bad news is the median sales price for the month of September slid to a new low of $231, 600. That’s the lowest median sales price in the last 16 months. Price per square foot also hit an all time low as well at $155.65.

What’s the ugly, you ask?

(more…)

As of September 5, 2008, there are 350 homes available for sale in the Carson City real estate market. (These numbers do not include manufactured or shared ownership housing.) Of the 350 homes available, 16 properties are REO’s and 33 are short sales, according to the Multiple Listing Service. That means 14% of the homes available for sale are distressed properties.

There are 62 properties under contract or pending sale in Carson City. Of those 62, 9 are REO’s and 19 are short sales. Since REO’s are easier to negotiate, since it is typically one bank and one buyer, it makes sense that they are selling more quickly than the short sales. Short sales involve multiple parties, and potentially more than one bank, and thus are significantly more difficult to get through to close of escrow. If inventory levels of REO’s and short sales do not increase, then we have approximately 3 months of inventory of distressed properties remaining in the market. However, due to economic uncertainty and the current credit-crunch – which affects buyer’s ability to qualify and bank’s desire to lend – we anticipate more dark clouds ahead in the Carson City real estate market, and Northern Nevada as a whole.

The Carson City real estate market continues to be volatile, fluctuating from month to month. Each statistic we track – number of homes sold, median sales price, average per square foot price – is not on any easily visible and steady trend upward, downward. Here is the chart showing the sales history for Carson City for the last 14 months. (Data provided as per the Multiple Listing Service and excludes and manufactured or shared ownership housing.)

So – What does this chart mean? Well, if we take a closer look at the median sales price column, you’ll see that although there have been some dips from month to month, it looks as though overall, the median sales price for Carson City real estate is holding steady. We won’t know for sure for several more months, but it appears that Carson City hit it’s low in April 2008, when the median sales price was $235,000.

What homes are selling and in what price ranges? Here is the breakdown for August:

61% of the Carson City homes sold in August sold for under $299,000. When will prices start to trend back up? In order for prices to stabilize, the market needs to absorb the distressed properties, which are deflating prices. The distressed properties are the bank-owned foreclosures (REO’s) and short sales. Next post, we’ll answer the question: Just how many REO’s and short sales are there in Carson City?