Carson Valley Real Estate – April 2012 Home Sales Report

The Carson Valley real estate market continues to make gains. Home sales are up – way up. In April 2012, the Gardnerville/Minden region saw 71 homes close escrow. Inventory continues to be at record low numbers, and that is creating modest appreciation in the market.

Here are Carson Valley homes sales numbers for April 2012:

• 71 homes sold
• Median asking price is $202,500
• Median selling price is $195,000
• Median days on market is 113

So what is the absorption rate for the Carson Valley?

• There are 282 homes for sale in the Carson Valley as of May 16, 2012
• 71 homes sold in January
• 282 / 71 = 3.97 months of inventory

The market has turned in the Carson Valley – make no mistake. Of the 282 homes available for sale, 37 are short sales, and 21 are bank owned. That means 20.6% of our market is distressed. That means there are only 224 homes available in the Carson Valley you can buy today as traditional sales. As the percentage of distressed homes decreases, the market has shifted from a buyer’s market to a seller’s market.

(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.)

Carson Valley Real Estate – Homes Sold in March 2010

We had 61 homes sell in the Carson Valley in March 2010, up from 29 in February 2010. In contrast, 40 homes sold in March 2009. It seems as though the market has definitely picked up in terms of sales volume.

Here is a snapshot of our market indicators for March:

• 61 homes sold
• Median asking price is $248,000
• Median selling price is $248,000
• Median days on market is 161

So what is the absorption rate for the Carson Valley?

• There are 404 homes available for sale in the Carson Valley as of 4/12/2010
• 61 homes sold in March
• 404/61 = 6.6 months of inventory

Of the 404 homes on the market, 26 are bank owned, 66 are short sales, and 1 is Subject to Court Approval. That means that 23% of our market is distressed. Slowly but surely our distressed property percentage of the market is shrinking? Will that continue? I’m not sure – my instinct tells me the next wave will be jumbo loan defaults and foreclosures in our area – how that will affect our market is anyone’s guess.

(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.)