As of November 8, 2008, there are 556 homes for sale in the Gardnerville and Minden area. That’s 3% less than a month ago, when we had 574 homes on the market. (Data is according to the Multiple Listing Service and excludes any shared ownership or manufactured housing.)

Of the 556 homes currently being marketed for sale, 27 homes are bank-owned properties (which means the banks have foreclosed on them). That’s up from last months count of 21, and the prior month’s count of 15. There are 53 homes included in the total that are short sales. There were 50 short sales a month ago, so that change is up slightly. That means there are 80 homes out of the 556, or 14.4% of the total number of homes currently for sale, are distressed. That is up from 11% a month ago.

It appears as though the number of homes available for sale is decreasing which should help stabilize the market, however, the number of homes classified as distressed is increasing, which will continue to push values down. It certainly looks as though our market is continuing to decline. At the very least, it continues to be wildly volatile, demonstrated by the swing of the median sold price of homes in October swinging down from $324,250 to $263,750, the second worst median sales price of the past 18 months.