July 2009 Dayton Valley Nevada Real Estate Market Report
We had 29 home sales in the Dayton Valley in July 2009, a 21% volume increase year over year when 24 homes sold in July 2008.
Here is a snapshot of our market indicators for July:
- 29 homes sold
- Average asking price is $177,596
- Average selling price is $174,472
- Average days on market is 114
So what is the absorption rate for the Dayton Valley?
- There are 119 homes on the market as of 8/4/09
- 29 homes sold in July
- 119/29 = 4.10 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 119 homes on the market, 14 are bank owned and 33 are short sales. That means that 39% of the Dayton Valley Nevada market is distressed. That’s a really high percentage. Our suspicion from seeing these properties in person when showing properties to clients tells us that these properties will need to drop their prices even further to get them sold due to overall condition. For every short sale or bank owned property, there is another property priced just a bit higher in much better condition that is selling faster.With a historically low amount of inventory in Dayton, we are anticipating the remaining properties in decent condition will see even more fierce competition, This will include multiple offers and sales prices above asking prices as we get closer to the December 1st deadline for the $8,000 first time homebuyer tax credit.
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, known as the Dayton Valley and the outlying areas. Dayton Valley photograph courtesy of JeffMoser – Flickr.com)