July 2009 Carson City Nevada Real Estate Market Report

We had 57 home sales in Carson City in July 2009, a 36% volume increase year over year when 42 homes sold in July 2008.

Hereis a quick look at the Carson City market for July:

• 57 homes sold
• Average asking price is $221,178
• Average selling price is $212,315
• Average days on market is 147

So what is the absorption rate for Carson City?

• There are 289 homes on the market as of 8/5/09
• 57 homes sold in July
• 119/29 = 5.07 months of inventory

The absorption rate for the Carson City ontinues to be strong and is within 5-7 months considered a normal supply. This is a huge turnaround from the 15+ months of inventory we had on the market in February.

Of the 289 homes on the market, 23 are bank owned and 45 are short sales. That means that 24% of the Carson City Nevada market is distressed. This percentage has held steady and is within just a few percentage points of February when it was 27.7%.

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 Area 200, known as Carson City. Carson City Nevada photograph courtesy of hanneorla – Flickr.com)