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With just a couple of days to go in the Carson Valley Real Estate market, already 27 homes have closed escrow and things are looking up!

So far this month, all indicators of the Carson Valley market are trending in a positive direction, which really holds a lot of promise for our market. Now, of course, one month does not make a trend, but if you look back from January on the graph below, you’ll see that things do seem to be heading in the right direction.

So what can we tell about our real estate market from this graph?

Well, first, you can see that the number of transactions is increasing, and of course, we still have 5 days to go in the month, so that’s a very promising sign.

We also can see that the Asking Price to Sold Price Percentage is increasing. That means that offer prices are getting closer to asking prices. This is likely a three-pronged reason: (1) sellers are pricing their homes more realistically, (2) inventory of homes is less than in previous months and all of last year so there is less to choose from and (3) buyers understanding that not every seller is in a distress situation and the buyer truly sees the value of the offer price in the home.

Our market has 456 homes for sale today, which is the lowest it’s been in 18 months. A shrinking inventory is definitely helping bring balance to our market, and closing the gap between asking and selling prices.

The average sold price is increasing. March 2009 saw the first home sell for over one million dollars since October 2008. That is very promising because it shows some movement, however minute, in the upper end market, which has been crushed by the ability to obtain high-end financing.

The days on market average it takes for a home to sell decreased. That means it’s taking less days on average for a home to sell in the Carson Valley. This is another solid indicator, helped along by the decrease in number of homes available, that says our market is slowly but surely correcting.

Overall, our market is looking healthier than it has a quite a while. I’ll post again the first few days of April to see if this trend continues once all March closings are tallied in our Multiple Listing Service.

Our home sales data is courtesy of the NNRMLS, excludes manufactured or shared ownership housing, and covers Area 300, known as Gardnerville, Minden, Genoa, Jacks Valley and Indian Hills areas.

Over the last few months, short sales have been a hot topic in our sales meetings every week in the Carson Valley. There are many agents in our office who have attempted short sales but haven’t gotten to closing…Some agents avoid them at all costs, and refuse to even list them. So it got me to thinking, how many short sales actually closed last year in the Carson Valley?

In 2008, there were 472 sales in the Carson Valley, Nevada market. Well, according to the Northern Nevada Assocation of Realtors (NNRMLS) only 19 homes of the 472 that sold in 2008 were short sales.

Comparatively, 110 of last year’s 472 home sales were bank-owned properties (REO). That means that 23.3% of last year’s home sales were bank owned, 4% were short sales, and the rest – 72.7% were traditional transactions…you remember those, right? Those are the transactions with a motivated seller and a ready, willing and able buyer.

Data is courtesy of the NNRMLS for area 300, excluding manufactured and shared ownership housing.

Again this month, the last day of the month falls on a weekend day, and thus, the February sales results for the Carson Valley are available!

We had 22 homes sell in the Carson Valley this month. Believe it or not, that’s actually better than January 2009, when we had 18 homes sell in the valley.

The good news is, inventory is still at a recent all-time low (there are currently 478 homes for sale), interest rates are great, and with banks listing bank-owned homes at incredible prices, the market is priming itself to bottom out and begin it’s slow climb out of this mess.

Next week will be a very exciting week in the housing market when the government unveils it’s new housing rescue plan. As per FinancialStability.gov, last month Treasury Secretary Timothy Geithner outlined a comprehensive plan to restore stability to our financial system. In the address, Secretary Geithner discussed the Obama Administration’s strategy to strengthen our economy by getting credit flowing again to families and businesses, while imposing new measures and conditions to strengthen accountability, oversight and transparency in how taxpayer dollars are spent. And Secretary Geithner explained how the financial stability plan will be critical in supporting an effective and lasting economic recovery.

The formal provisions won’t be available to the general public until March 4, so only then will we know how this plan will assist both current and future homeowners in Northern Nevada.

Our home sales data is courtesy of the NNRMLS, excludes manufactured or shared ownership housing, and covers Area 300, known as Gardnerville, Minden, Genoa, Jacks Valley and Indian Hills areas.

In Gardnerville, Nevada, there is a neighborhood known as the Gardnerville Ranchos. Here you’ll find homes on lots that range in size from 1/4 acre to 1 acre. There are a few duplex and townhome/condo developments, but for the most part, the area features single story ranch style homes, ranging in size from 1,000 to 3,000 square feet.

Today, there are 54 homes available for sale in the Gardnerville Ranchos. Prices range from $119,000 to $520,000. The average days on market is 169, and the average price is $248,685. Of the 54 homes available for sale, 19 of them are distressed – either bank owned or short sale.

Click here to view these homes available for sale and see the great values available in Gardnerville.

Data is courtesy of the Northern Nevada MLS, stick built homes, area 310 (Gardnerville Ranchos) for all homes with Active status (Active-Pending of any type were omitted during the search.)

Today is January 31, and even though it’s still technically January, there aren’t any title companies doing closings on Saturday, so the Northern Nevada Multiple Listing Service January sales numbers are available, a day early.

We have 18 homes sell in the Carson Valley this month. Before you says OUCH and debate that the end of the world is indeed near, let me call your attention to the 2008 January sales volume. We only sold 23 homes in 2008. When you consider that, we’re really not so far off, are we?

The good news is, January is typically the worst month of the year for the Carson Valley real estate market, and now it’s over! Onward and upward! Inventory is still at a recent all-time low (there are currently 486 homes for sale), interest rates are great, and with banks listing bank-owned homes are incredible prices, the market is priming itself to bottom out and begin it’s slow climb out of this mess.

Look to the new administration to jump start special financing programs with the remainder of the $700 Billion Bailout. According to the Associated Press, Treasury Secretary Geithner and Federal Reservce Chairman Bernanke were scheduled to meet with FDIC Chairwoman Sheila Bair, among others, to decide the fate of the remaining $350 Billion dollars. Perhaps they will finally get the banks to loosen their clenched fists around the first $350 Billion Paulson doled out last summer.

Our home sales data is courtesy of the NNRMLS, excludes manufactured or shared ownership housing, and covers Area 300, known as Gardnerville, Minden, Genoa, Jacks Valley and Indian Hills areas.

As of January 26, 2009, there are 485 homes for sale in the greater Gardnerville, Minden and Genoa area. The total number of homes available for sale continues to decrease from 3 months ago when there were 574 homes on the market. A decrease in supply is one of the key factors that will help stabilize prices in our valley. One of the most basic principles in economics is the function of supply and demand. (Data is according to the Multiple Listing Service and excludes any shared ownership or manufactured housing.)

Of the 485 homes currently being marketed for sale, 39 homes are bank-owned properties and 48 are short sales. That means there are 87 homes out of the 485, or 17.9% of the total number of homes currently for sale, are distressed. That is up from 14.4% a month ago.

The numbers are in, and there were 472 homes sold in the Carson Valley in 2008. Here’s how
the sales brown down month by month:

In comparison, here’s how the sales for 2008 compare to the last seven years:

It’s hard to be a seller in this market, because the numbers don’t lie. It’s harder than ever to sell a home if you are a traditional seller, because the buyer pool is limited, and distressed properties on the market are pushing values lower by the day. Just being the best priced home in the best condition doesn’t guarantee you a sale. Buyers are concerned about declining values, and are buying, but the value has to be undeniably good.

As of today, there are 487 homes on the market in the Carson Valley, and homes haven’t been this affordable in YEARS! Of the 487 homes on the market, 146 of them are under $300,000. There are some incredible deals in the Carson Valley. Check them out by using our Search feature!

When it comes to the Carson City real estate market for 2008, it wasn’t pretty – but it’s not all bad, either. The Carson City real estate market saw 28 sales in December, which was much better compared to November’s meager 16 sales. Carson City rounded out 2008 with 364 sales for the year, and here’s how the sales broke down month by month:

In comparison, the number of homes sold by year in Carson City looks like this:

Where’s the upside on this? Well, we’ll admit – it’s a bit hard to find if you’re a seller. However, if you’re a buyer, rejoice! As of today, there are 292 homes on the market in Carson City right now, and homes haven’t been this affordable in YEARS! Of the 292 homes on the market, 90 of them are under $200,000.

The only part of the equation we’re all waiting for is for the current banking climate to loosen up some of the coffers. Today, President-Elect Obama’s administration confirmed their plans to keep FDIC Chairwoman Sheila Bair in place. More importantly, Congress is putting conditions on how the outgoing and incoming presidential administrations use the remaining $350 Billion in rescue funds – forcing the banks who want those funds to use it to help current homeowners refinance and provide buyers with better interest rates, instead of just boosting bank capital. The measure would adopt a Federal Deposit Insurance Corp. foreclosure plan, revamp the Hope for Homeowners loan-relief program that has attracted few lenders and support a Treasury program to cut rates on some fixed-rate home-loans.

If that plan comes to fruition, it will go a long way towards helping the Carson City real estate market rebound.

All data presented is as per the Northern Nevada Multiple Listing Service and excludes manufactured or shared ownership housing.

The Gardnerville and Minden real estate markets continue to be volatile, however, we ended the yera on a positive note. The Carson Valley real estate market rebounded from sluggish sales in October and November to sell 35 homes in December. (Data provided as per the Multiple Listing Service and excludes and manufactured or shared ownership housing.)

The median sales price improved over last month at $280,000 and the average days on market for a home to sell decreased to 217, which is an improvement over last month’s average of 229. Price per square foot also improved and averaged out at $158.30.

25 out of the 35 sales in December were under $400,000, which accounted for 71% of the total sales. Pricing continues to be a critical issue for sellers, and as the number of foreclosures increases, it will become increasingly difficult for traditional sellers to compete with them.

It’s that time again…time to provide you with the November sales results for Carson Valley real estate. 29 homes sold in the Carson Valley in November. The median sales price was $244,000 which was slightly lower than August, the record-holder for lowest median sales price this year. November’s sales were just slightly up from October when you consider volume, but down on average sales price. Most all the other statistics we track, such as price per square foot, or days on market, have been ebbing and flowing for months now.

The good news is there are some FANTASTIC steals in the market right now. And the market seems to be stabilizing. Take a look at the spreadsheet and you can see that over the last few months the deviation from month to month has lessened substantially.

This may mean the market is beginning to show signs of levelling out. As of today, there are only 518 homes on the market, so the total number of homes available continues to drop. Just  two weeks ago, there were 551 homes on the market. There are 70 homes that are pending sale right now as well, so it appears as though a steady number of homes continues to go under contract. If that volume remains the same, and inventory continues to decrease, we will be well on our way towards a healthier, more stable market.

In the meantime, there are some great deals out there! Of the 70 homes that are under contract, 32 of them are distressed (either bank owned or short sale). Of the 518 homes that are on the market, 80 of them are distressed. On November 25th, there were 72 distressed properties on the market. Over the last two weeks, the distressed property volume has increased 11%. And there are more to come. Many of the distressed properties are in decent shape, and have rock bottom prices, making them a fantastic deal for a buyer who can see past some of the cosmetic work that needs to be done to make them wonderful!

For example, there are 40 properties under $200,000 available for sale in the Carson Valley. There are an additional 102 properties that are priced between $200,000 and $300,000. That means 27% of the total number of homes available for sale are under $300,000. What a great market to be a buyer!