Carson Valley Real Estate Market Starts a Recovery Trend: March 2009

    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.

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    Christianne O'Malley

    I am an award winning top-producing Realtor with over $300 million in lifetime sales. I represent buyers and sellers across Northern Nevada including Reno, Sparks, Carson City, Dayton, Virginia City, Minden, Gardnerville, Genoa and beyond.

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