Christianne Gordon, REALTOR®, e-PRO CDPE Carson Valley Real Estate Specialist

September 2009 Dayton Valley Nevada Real Estate Market Report

We had 27 home sales in the Dayton Valley in September 2009, another 100%+ volume increase over September 2008 when 13 homes sold. September makes the second month in a row where sales volume has doubled year over year.

Here is a snapshot of our market indicators for September:

• 27 homes sold
  
• Average asking price is $176,081
• Average selling price is $172,301
• Average days on market is 160

So what is the absorption rate for the Dayton Valley?

• There are 106 homes on the market as of 10/7/09
• 27 homes sold in September
  
• 106/27 = 3.93 months of inventory

The absorption rate for the Dayton Valley continues to be strong and under the 5-7 months considered a normal supply. Dayton's affordability over neighboring Carson City, Reno / Sparks or the Carson Valley continues to be a big attraction over the higher priced areas.

Of the 106 homes on the market, 14 are bank owned and 22 are short sales. The number of homes on the market continues to shrink 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, the Dayton Valley Nevada real estate market is furthering our opinion that it has become a seller's market.

(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.)

September 2009 Home Sales Results - Carson Valley Real Estate Market Report

We had 45 homes sell in the Carson Valley in September 2009, compared to 56 sales in August of 2008. That means our sales volume was 20% lower in 2009 than it was in 2008. Perhaps our buyer pool is drying up? We had 41 sales in August 2009, so our volume is relatively steady when compared to last month. Will sales pick up in October because the First Time Home Buyer Tax Credit ends on November 30, 2009? If you're not in escrow by October 15, the likelihood of closing your escrow by November 30th is near impossible if you are using a loan, so we'll need to watch pending property counts around October 15th to see if that has any impact on our market.

Here is a snapshot of our market indicators for September:

• 45 homes sold
  
• Average asking price is $252,187
• Average selling price is $239,017
• Average days on market is 139

The average asking and selling price for Carson Valley Real Estate swung wildly lower in September. Why is that, you ask? Well, of the 45 sales, 11 were bank owned and 9 were short sales. That means 44% of September's sales were distress sales with distressed values and sales prices. They will drag down the values in the short term. The bright spot in all of this is that the days on market reduced to 139 from last month's 153.

So what is the absorption rate for the Carson Valley?

• There are 460 homes available for sale in the Carson Valley as of 10/2/09
• 45 homes sold in September
  
• 460/45 = 10.22 months of inventory

The absorption rate tightened slightly in September, and we attribute that to a handful more sales, and a slightly lower number of homes available for sale. In August, we had 471 homes available for sale and 41 homes sold, giving us an absorption rate of 11.49.

Of the 460 homes on the market, 23 are bank owned and 61 are short sales. That means that 18% of our market is distressed. New bank-owned properties (REO) have been coming on the market and they've been selling quickly. The downside is that they sell for low prices, dragging values down in their respective neighborhoods. Most of these bank owned homes have had multiple offers which has created a slight uptick in sales prices over asking prices. This has generated very modest price appreciation in the entry level market (below $200,000). Homes priced above $300,000 are still duking it out with competing properties to get a sale and prices continue to slide in that range as much as 1-1.5% per month.

With the first time homebuyer credit expiring on November 30, 2009, there's a big incentive for homebuyers to get out there and buy a home. Will it be extended? I suspect it may, but I'm not holding my breath, and neither should qualified buyers hoping to take advantage of the tax credit.

(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 and outlying areas. Carson Valley photograph courtesy of ScottSchrantz - Flickr.com)

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)

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Spectacular home with many fine appointments throughout. Beautiful tile floors, custom paint, and a thoughtful design creates many living zones. This fine home features both front and rear patios, a master suite with double sinks and walk-in closet, separate laundry room, and a den with adjoining second bedroom. The split floor plan design provides separation and privacy. This home has been lovingly cared for, shows beautifully, and is priced to sell.

Soak up the sun on your rear patio in the mornings and enjoy your view of the eastern Carson foothills. This home simply must be seen to be appreciated. Brand new garbage disposal installed August 2009. Easy to show and sell. Don't miss the virtual tour to take a closer look at this immaculate home. Consider the Possibilities!

View the Virtual Tour Here! 1195 Bandtail Drive

For more information or a showing on this property, please call Christy at (775) 881-8223 or Steve at (775) 690-0685.

Posted By: Christianne Gordon - Northern Nevada Real Estate Agent - Realtor
with RE/MAX Realty Affiliates, specializing in Carson Valley Real Estate and Northern Nevada Real Estate.

August 2009 Carson Valley Real Estate Market Report

We had 41 homes sell in the Carson Valley in August 2009, compared to 43 sales in August of 2008. It's always better to compare the same month in the previous year so that you're comparing similar seasons. August is typically a month for vacations for children with families so the volume tends to be lower. Comparing year over year numbers gives us a clearer, more comparable vantage point than comparing August to July.

Here is a snapshot of our market indicators for August:

• 41 homes sold
  
• Average asking price is $360,741
• Average selling price is $338,120
• Average days on market is 153

So what is the absorption rate for the Carson Valley?

• There are 471 homes on the market as of 9/2/09
• 41 homes sold in August
  
• 471/41 = 11.49 months of inventory

Since our monthly number of sales dipped in August, that causes a slightly higher absorption rate in the Carson Valley. I think this is a temporary blip and we'll see it come back down in September, since the number of homes on the market has held steady. Volume typically drops off in August due to the cyclical nature of the market.

Of the 471 homes on the market, 19 are bank owned and 62 are short sales. That means that 17% of our market is distressed. New bank-owned properties (REO) have been coming on the market, but we've been seeing multiple offers on every one of them. When priced below $175,000, the competition is stiff and sold prices are above listing prices. This is a good sign for our market, and we suspect that the competition will become even more fierce 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, 2009, there's a big incentive for homebuyers to get out there and buy a home. Will it be extended? I believe it will be, but don't bet on it! 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 Area 300, known as the Carson Valley and outlying areas. Carson Valley photograph courtesy of ScottSchrantz - Flickr.com)