Carson Valley Real Estate – Homes Sold in December 2009
We had 48 homes sell in the Carson Valley in December 2009, compared to 38 sales in December 2008. We ended the year on a high note with a higher than historical average of home sales in December 2009. We ended the year with 557 sales for all of 2009, substantially higher than the 474 sales in all of 2008. Indicators show that our market has moved through the low point in sales volume. When volume begins to pick up, elementary economics will show that price appreciation typically follows. We’ll continue to watch 2010 trends closely to see if this indeed is the case in the Carson Valley.
Here is a snapshot of our market indicators for December:
- 48 homes sold
- Median asking price is $251,000
- Median selling price is $251,000
- Average days on market is 143
The median asking and selling price for Carson Valley Real Estate was EXACTLY the same in December. What does this mean? It means that buyers and sellers are exactly aligned when it comes to asking and selling prices. Barring any unforeseen market shake-ups (like a glut of bank owned foreclosures being thrown on the market) it appears that we have officially stabilized and modest appreciation will begin to occur in homes priced under the median of $251,000.
So what is the absorption rate for the Carson Valley?
- There are 388 homes available for sale in the Carson Valley as of 1/4/2010
- 48 homes sold in November
- 388/48 = 8.08 months of inventory
The absorption rate has remained essentially the same in December when compared to the previous month. As of January 4, 2010, we have 84 homes under contract in the Carson Valley. Of the 84 homes under contract, 43 are pending short sales and 19 are bank owned properties.
Of the 388 homes on the market, 43 are bank owned, 53 are short sales, and an additional 3 are Subject to Court Approval. That means that 25% of our market is distressed.
(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.)