August 2009 Dayton Valley Nevada Real Estate Market Report
We had 30 home sales in the Dayton Valley in August 2009, a whopping 200% volume increase year over year when only 10 homes sold in July 2008.
Here is a snapshot of our market indicators for August:
- 30 homes sold
- Average asking price is $192,775
- Average selling price is $184,528
- Average days on market is 148
These numbers are an increase in the average asking and selling prices in Dayton compared to July.
So what is the absorption rate for the Dayton Valley?
- There are 111 homes on the market as of 9/6/09
- 30 homes sold in August
- 111/30 = 3.70 months of inventory
The absorption rate for the Dayton Valley continues to be strong and under the 5-7 months considered a normal supply. This is a huge turnaround from the 30+ months of inventory we had at the beginning of the year. Dayton’s affordability continue to be a big attraction over the higher priced areas of Reno, Carson City and the Carson Valley.
Of the 111 homes on the market, 14 are bank owned and 27 are short sales. The number of homes on the market has shrunk from July’s 119 homes available for sale, and buying activity is holding steady. This is why we’re seeing increases in the asking prices and selling prices in Dayton. With such low inventory available, the Dayton Valley Nevada real estate market is quickly becoming a seller’s market.
With the first time homebuyer credit expiring on December 1, 2008, there’s a big incentive for homebuyers to get out there and buy a home. Will it be extended? Who knows??? 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.
(Data provided courtesy of the Northern Nevada Regional Multiple Listing Service and excludes manufactured and shared ownership housing for Areas 420, 416, 414, 412, 410, 402, and 403 known as the Dayton Valley and the outlying areas. Dayton Valley photograph courtesy of JeffMoser – Flickr.com)