Today there are 107 homes for sale in the Dayton Valley area. This is down from 136 homes available for sale from a month ago and 146 from two months ago. Of the 107 homes available for sale, 16 are bank owned and 23 are short sale. That means 39 – or 36% – of the market is distressed. This is the same as last month when the numbers were different, but 35% of the market was distressed. It appears as though the Dayton market is no longer suffering from excess inventory – not to mention excess distressed inventory – dragging prices down.
How is the absorption rate looking for Dayton? Let’s take a look…
- Dayton currently has 107 homes on the market.
- In June, 39 homes sold
- 107 / 39 = 2.74 months
In May, the absorption rate was 4.85 months. We now have 6 months of trend where the absorption rate is dropping in Dayton! This is great news!
With only 2.74 months of inventory on the market, it sounds ridiculous to even say this, but this is the second consecutive month of inventory shortage in the Dayton, Nevada area. Look to builders in the Dayton area to begin new construction again to feed the demand for product in this small, centrally located valley.
Today, there are 179 properties under contract / pending in Dayton. That’s more than double the number of homes that were under contract at this same time last month (83).
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. And if you’re a first time homebuyer, you only have until December 1, 2009, to take advantage of the $8,000 tax credit. It’s a great time to be a homebuyer but the market winds are shifting. Don’t miss the boat!
(Our data is from the NNRMLS, Dayton Valley area (Area=420, 416, 414, 412, 410, 402.)