The Carson Valley real estate market saw a marked decrease in the number of homes sold and in median sales price, when compared to July. In August, the towns of Gardnerville and Minden saw 37 homes change hands (as per the Multiple Listing Service and not including manufactured housing). The August median sales price of $247,000 is a 21% drop from July’s median sales price of $311,000. It’s also a new low since we’ve been tracking these numbers.

In contrast, the August 2007 median sales price for homes in the Carson Valley was $425,000. That means that we’ve experienced a 41.8% drop in median sales price in a twelve month period. That’s quite a pill to swallow. And in case you hadn’t noticed, it’s already September and it will be winter before long.

On a positive note, there are 70 homes pending – or under contract and waiting to close escrow. We can’t calculate the median sales price of those homes until they actually close, since the contracted sales price is not published until the sale is complete. The good news is that there are people actively buying real estate in the Carson Valley.

So – what homes are selling and in what price ranges, you ask?

22%    Under 200K
38%    200-299K
22%    300-399K
8%     400-499K
11%   Over 500K

60% of the valley’s homes sales are falling under $299,000. That is the reason the median sales price continues to decline. When will the prices stop falling? In order for prices to stabilize, the market needs to absorb the distressed properties, which are deflating prices. The distressed properties are the bank-owned foreclosures (REO’s) and short sales.