The numbers for May are in! 43 homes sold in May in the Carson Valley. We had 37 sales in April and 39 in March, so we’re holding steady in terms of volume.
The average per square foot price also held steady at $145.06, and the sales price as a percentage of asking was 96.51%. This is one of the primary indicators I feel will show market traction and also will be one of the first to tell us when market appreciation will begin at some point in the future. If homes start selling at what they are asking, then future sellers will opt to start testing the market ever so higher. That’s a ways away but we’re heading in the right direction.
How is the absorption rate looking for the Carson Valley? Let’s take a look…
- The Carson Valley area (Minden, Gardnerville & Genoa) currently has 452 homes on the market.
- In May, 43 homes sold
- 452 / 43 = 10.5 months
The absorption rate for the Carson Valley has held steady for the last three months. The good news is that we are not far off from a normal market, which is defined as 5-7 months of inventory on the market. When you compare this to an absorption rate of 27 months in January, it is clear our market has made great strides towards normalcy. I continue to assert my opinion that the market is normalizing and by the end of the third quarter; I predict we will see single digit absorption rates in the Carson Valley.
Today, there are 137 properties under contract / pending in the Carson Valley. That’s a lot of homes to close escrow in the coming months further demonstrating the Carson Valley real estate market’s recovery.
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.