Carson Valley Real Estate – February 2011 Home Sales Report
It’s winter in the Carson Valley but you wouldn’t know it by looking at February Home Sales! For a second month in a row, we had 44 homes sell in the Carson Valley! Our market is showing incredible resiliency when compared to 30 homes sold in February 2010. Home sales volume is UP, and that is really good news.
Here are Carson Valley homes sales numbers for February 2011:
- 44 homes sold
- Median asking price is $196,900
- Median selling price is $196,500
- Median days on market is 157
So what is the absorption rate for the Carson Valley?
- There are 333 homes for sale in the Carson Valley as of March 2, 2011
- 44 homes sold in February
- 333 / 44 = 7.57 months of inventory
Could it be true? Is our market back to ‘normal’? What is a normal market? (Was the market ever normal?) I would argue that we haven’t had a normal real estate market since 2001 – and that is 10 years ago. Statistically, when there is between 5-7 months of inventory that is considered a ‘normal’ market. Of the 333 homes available for sale, 82 are short sales, and 31 are bank owned. That means 34% of our market is distressed. However, 16 of the 44 sales in February were short sales and 13 were bank owned, accounting for a whopping 66% of the sales. As long as we continue to absorb more distressed properties than are brought to market, we should be on a slow but steady course towards healing out local community and economy.
(Data provided courtesy of the Northern Nevada Regional Multiple Listing Service and excludes manufactured and shared ownership housing for Area 300, known as the Carson Valley which includes Gardnerville, Genoa, Minden, Indian Hills area of Carson City, China Springs, Spring Valley, Topaz Ranch Estates and outlying areas.)