Minden Village Homes Sold Since June 1, 2010

• No Sales to Report

Minden Village Homes Under Contract

• 1658 East Minden Village Loop – Offered at $189,000 (short sale) – 3 bedrooms, 2 baths, 2 car garage – 1,523SF
• 1638 West Minden Village Loop – Offered at $182,500 (short sale) – 3 bedrooms, 1 bath, 2 car garage – 1,591SF

Minden Village Homes Available for Sale (as of November 11, 2010)

• 1670 East Minden Village Loop – Offered at $179,900 (short sale) – 3 bedrooms, 2 baths, 2 car garage – 1,682SF
• 1668 East Minden Village Loop – Offered at $160,000 (bank owned) – 3 bedrooms, 2 baths, 2 car garage – 1,523SF

Data is as per the Northern Nevada Regional Multiple Listing Service as of November 11, 2010

Winhaven Patio Homes Sold Since June 1, 2010

• No Sales to Report

Winhaven Patio Homes Under Contract

• 1730 Lavender Court – Offered at $234,900 (traditional sale) 3 bedrooms, 2 baths, 2 car garage – 1,776 SF
• 1757 Fox Glove Court – offered at $199,900 (traditional sale) 2 bedrooms, 2 baths, 2 car garage – 1,438 SF

Winhaven Patio Homes Available for Sale (as of November 11, 2010)

• 1093 Daphne Court – Offered at $167,900 (bank owned) 2 bedrooms, 2 baths, 2 car garage – 1,438SF

Data is as per the Northern Nevada Regional Multiple Listing Service as of November 11, 2010

Here are the sales numbers for August 2010:

• 34 homes sold
• Median asking price is $219,500
• Median selling price is $215,000
• Median days on market is 84

Here are the sales numbers for September 2010:

• 60 homes sold
• Median asking price is $205,000
• Median selling price is $190,200
• Median days on market is 120

Here are the sales numbers for October 2010:

• 44 homes sold
• Median asking price is $244,500
• Median selling price is $221,250
• Median days on market is 109

So what is the absorption rate for the Carson Valley?

• There are 405 homes for sale in the Carson Valley as of November 12, 2010
• 44 homes sold in October
• 384/44 = 9.20 months of inventory

(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.)

Hi everyone! First, let me apologize for the lack of recent blog posts and data I’m sure you all hang on baited breath to read! Steve, Jana and I have been very busy helping people buy and sell homes, and if we close out the year as we anticipate, we will have sold over $13,500,000 in homes this year (that’s over 60 properties!) In an effort to catch up, I am going to post two posts for the last 6 months to get us caught up. So without any further delay, let’s see how the market has changed below!

Here are the sales numbers for May 2010:

• 56 homes sold
• Median asking price is $224,000
• Median selling price is $217,450
• Median days on market is 117

Here are the sales numbers for June 2010:

• 53 homes sold
• Median asking price is $225,000
• Median selling price is $215,000
• Median days on market is 85

Here are the sales numbers for July 2010:

• 46 homes sold
• Median asking price is $255,000
• Median selling price is $235,000
• Median days on market is 108

So what does this data tell us exactly? It is pretty clear that our market appears to have stabilized. The fluctuation from month to month from all four indicators is negligible. With our next post, we’ll evaluate August, September and October to determine if the trend continued and if we can demonstrate further market stability.

(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.)

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.)

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.)

We had 29 homes sell in the Carson Valley in February 2010, up from 26 in January 2010. We’ve had a very busy winter, with almost 60 homes selling already during winter – a time when most people are not thinking about moving!

Here is a snapshot of our market indicators for February:

• 29 homes sold
• Median asking price is $199,900
• Median selling price is $210,000
• Median days on market is 141

So what is the absorption rate for the Carson Valley?

• There are 383 homes available for sale in the Carson Valley as of 3/8/2010
• 29 homes sold in January
• 383/29 = 13.2 months of inventory

Since the number of sales slowed in February from our (recent) normal average of 40-50 homes per month, our absorption rate has increased a few perentage points. It is still better than the 14.5 from January. A more telling indicator of the activity in the market is the question “How many homes are pending right now?” As of today, there are 128 homes under contract – a 3 month high. This is much more indicative of what we are seeing in our office – Since January 1, 2010, the RE/MAX Gardnerville office has opened 92 escrows. That’s an incredible volume when you consider the fact that it’s still Winter! Of the 128 pending home sales, 22 are bank owned, 59 are short sales, and 1 is subject to court approval.

Of the 383 homes on the market, 29 are bank owned, 58 are short sales, and an additional 3 are 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.)

We had 26 homes sell in the Carson Valley in January 2010, compared to 21 sales in January 2009. January historically is a slow month for home sales, so this is not altogether surprising, and certainly nothing to be alarmed over. Most escrows take 45 days to close and that means home buyers would need to be out shopping for homes in December. Instead, people were enjoying their Winter Holidays. 

Here is a snapshot of our market indicators for January:

• 26 homes sold
• Median asking price is $236,400
• Median selling price is $233,000
• Average days on market is 120

So what is the absorption rate for the Carson Valley?

• There are 377 homes available for sale in the Carson Valley as of 2/4/2010
• 25 homes sold in January
• 377/26 = 14.5 months of inventory

Since sales slowed in January, our absorption rate slipped a few perentage points. The key indicator we need to inquire is how many homes are pending right now? As of January 4, 2010, we had 84 homes under contract in the Carson Valley. As of today, there are 115 homes under contract. That’s an increase of 37% and clearly demonstrates that as soon as the holidays ended, the buyers came back out into the marketplace. Of the 115 pending home sales, 57 are pending short sales and 23 are bank owned properties.

Of the 377 homes on the market, 43 are bank owned, 53 are short sales, and an additional 4 are Subject to Court Approval. That means that 25% of our market is distressed.

(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.)

We had 48 homes sell in the Carson Valley in December 2009, compared to 38 sales in December 2008. We ended the year on a high note with a higher than historical average of home sales in December 2009. We ended the year with 557 sales for all of 2009, substantially higher than the 474 sales in all of 2008. Indicators show that our market has moved through the low point in sales volume. When volume begins to pick up, elementary economics will show that price appreciation typically follows. We’ll continue to watch 2010 trends closely to see if this indeed is the case in the Carson Valley.

Here is a snapshot of our market indicators for December:

• 48 homes sold
• Median asking price is $251,000
• Median selling price is $251,000
• Average days on market is 143

The median asking and selling price for Carson Valley Real Estate was EXACTLY the same in December. What does this mean? It means that buyers and sellers are exactly aligned when it comes to asking and selling prices. Barring any unforeseen market shake-ups (like a glut of bank owned foreclosures being thrown on the market) it appears that we have officially stabilized and modest appreciation will begin to occur in homes priced under the median of $251,000.

So what is the absorption rate for the Carson Valley?

• There are 388 homes available for sale in the Carson Valley as of 1/4/2010
• 48 homes sold in November
• 388/48 = 8.08 months of inventory

The absorption rate has remained essentially the same in December when compared to the previous month. As of January 4, 2010, we have 84 homes under contract in the Carson Valley. Of the 84 homes under contract, 43 are pending short sales and 19 are bank owned properties.

Of the 388 homes on the market, 43 are bank owned, 53 are short sales, and an additional 3 are Subject to Court Approval. That means that 25% of our market is distressed.

(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.)

We had 57 homes sell in the Carson Valley in November 2009, compared to 29 sales in November 2008. With 59 homes sold in October 2009, we’re still selling homes at an even pace, and we’re much improved over the previous year. Sales volume was 193% higher in 2009 than it was in 2008.

Here is a snapshot of our market indicators for November:

• 57 homes sold
• Average asking price is $325,374
• Average selling price is $306,414
• Average days on market is 175

The average asking and selling price for Carson Valley Real Estate continued it’s reasonable and historic average in November.

So what is the absorption rate for the Carson Valley?

• There are 418 homes available for sale in the Carson Valley as of 12/16/09
• 57 homes sold in November
• 418/57 = 7.33 months of inventory

The absorption rate has remained essentially the same in November when compared to the previous month. As of December 16, 2009, we have 113 homes under contract in the Carson Valley. Of the 113 homes under contract, 60 are pending short sales (which are closing at a much higher success rate in the last 60 days) and 22 are bank owned properties.

Of the 418 homes on the market, 48 are bank owned, 49 are short sales, and an additional 3 are either Subject to Court Approval. That means that 24% of our market is distressed.

(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.)