Carson Valley Real Estate – September and October 2012 Home Sales Report
The Carson Valley real estate market continued its slow and steady climb over September and October. With inventory at record-breaking low levels, any home that is priced appropriately in decent condition is selling almost overnight with multiple offers, and in several instances, over asking price.
Carson Valley homes sales numbers for September 2012:
- 68 homes sold
- Median asking price is $216,750
- Median selling price is $210,500
- Median days on market is 93
Carson Valley homes sales numbers for October 2012:
- 73 homes sold
- Median asking price is $209,900
- Median selling price is $210,900
- Median days on market is 105
So what is the absorption rate for the Carson Valley?
- There are 215 homes for sale in the Carson Valley as of November 26, 2012
- An average of 70.50 homes sold over September and October
- 215 / 70.50 = 3.05 months of inventory
Let there be no mistake. It is not a buyer’s market anymore. Of the 215 homes available for sale, only 8 are short sales, and 9 are bank owned. That means 7.9% of our market is distressed. The number of homes that are distressed is a quarter of what it was 18 months ago. With fewer bank owned and short sale homes available for sale, buyers are realizing that the days of the smoking hot below-market-value buys are gone. If you are going to try to buy a home in this market, be prepared for multiple offers, and even paying above asking price if you need seller to pay your closing costs.
(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.)