Carson Valley Real Estate – Homes Sold in April 2010

We had 55 homes sell in the Carson Valley in April 2010, on pace with the 61 homes sold in March. In contrast, only 38 homes sold in April 2009. We have been seeing this trend for months now and I think it’s safe to say that the volume of home sales is now holding steadily at a more reasonable level. I think the glut of low volume of home sales is behind us.

Here is a snapshot of our market indicators for April:

• 55 homes sold
  
• Median asking price is $244,000
• Median selling price is $215,000
• Median days on market is 118

So what is the absorption rate for the Carson Valley?

• There are 384 homes available for sale in the Carson Valley as of 5/7/2010
• 55 homes sold in April
  
• 384/55 = 6.98 months of inventory

Of the 384 homes on the market, 30 are bank owned, 58 are short sales, and 1 is Subject to Court Approval. That means that 23% of our market is distressed. Our market has also been holding steady at this distress level for several quarters as well. That means that although there is an appetite for buyers to purchase bank owned and distressed short sale homes, they continue to enter the market. Over the lat 10 days, our team alone has received over 10 new REO assignments (listings that are in their pre-marketing stages). For us, it looks like the new wave of REO’s everyone predicted at the beginning of the year is finally starting to hit the market. The question will be whether or not there is sufficient buyer demand to continue to buy them at the current rate. If not, they will put downward pressure on our pricing and the stability we’ve enjoyed over the last few quarters may begin to slide once again.

(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 which includes Gardnerville, Genoa, Minden, Indian Hills area of Carson City, China Springs, Spring Valley, Topaz Ranch Estates and outlying areas.)