Dayton Valley Nevada Real Estate Market Report – August 2009

August 2009 Dayton Valley Nevada Real Estate Market ReportDayton Valley Nevada

We had 30 home sales in the Dayton Valley in August 2009, a whopping 200% volume increase year over year when only 10 homes sold in July 2008.

Here is a snapshot of our market indicators for August:

  • 30 homes sold
  • Average asking price is $192,775
  • Average selling price is $184,528
  • Average days on market is 148

These numbers are an increase in the average asking and selling prices in Dayton compared to July.

So what is the absorption rate for the Dayton Valley?

  • There are 111 homes on the market as of 9/6/09
  • 30 homes sold in August
  • 111/30 = 3.70 months of inventory

The absorption rate for the Dayton Valley continues to be strong and under the 5-7 months considered a normal supply. This is a huge turnaround from the 30+ months of inventory we had at the beginning of the year. Dayton’s affordability continue to be a big attraction over the higher priced areas of Reno, Carson City and the Carson Valley.

Of the 111 homes on the market, 14 are bank owned and 27 are short sales. The number of homes on the market has shrunk from July’s 119 homes available for sale, and buying activity is holding steady. This is why we’re seeing increases in the asking prices and selling prices in Dayton. With such low inventory available, the Dayton Valley Nevada real estate market is quickly becoming a seller’s market.

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 Areas 420, 416, 414, 412, 410, 402, and 403 known as the Dayton Valley and the outlying areas. Dayton Valley photograph courtesy of JeffMoser – Flickr.com)

Northern Nevada Step by Step “Just for Buyers Guide” to Buying a Home – A Series – Part 3 of 7

Welcome to the third post in a series of 7 posts covering the more important issues about buying a home in Northern Nevada.

Gardnerville real estate

In the first post, we covered the topics “Why Should I Own A Home?” and “Why Should I Use a REALTOR®?”. In the second post, we covered “Real Estate Commissions Explained” and “7 Steps to Prepare for Home Ownership”.

Whether you’ve owned a Northern Nevada home before, or you are a first time Northern Nevada home buyer, having a Buyer’s Guide can be a very helpful tool before, during, and even after the homebuying process.

Since most people don’t buy and sell homes every month, let alone every year, we have put together a fantastic 36-page Northern Nevada “Just For Buyers” Guide.

In this post, we’ll be covering “Your New Northern Nevada Home Wish List” and “Tips to Finding the Perfect Neighborhood”.

Your New Northern Nevada Home Wish List

While opinions on the type of home you want to own may change during the home buying process, use this easy checklist to help you prioritize and make the shopping process less time consuming.

How close do you need to be to:

  • Public transportation
  • Schools
  • Airports
  • Freeways
  • Neighborhood shopping
  • Recreational pursuits
  • Other?______________________________________________

Other questions to Consider:

  • What neighborhoods would you prefer?
  • What are your future plans? (Growing the size of your family, kids moving out?)
  • What school systems do you want to be near?
  • What architectural style(s) of homes do you prefer?
  • Do you want a one-story or a two-story house?
  • How old a home would you consider?
  • How much repair or renovation would you be willing to do?
  • Do you have special facilities or needs that your home must meet?
  • Do you require a fenced yard or other amenities for your pets?

Tips for Finding the Perfect Northern Nevada Neighborhood

Carson Valley real estate

The Northern Nevada neighborhood you choose can have a big impact on your lifestyle – safety, available amenities, and convenience all play their part.

  1. Make a list of each of your Northern Nevada activities – your commute to work, health club, church – you engage in regularly and stores you visit frequently. See how far you would have to travel from each neighborhood you’re considering to engaging in your most common activities.
  2. Want to know more about the school district? The Department of Education in your town can probably provide information on test scores, class size, percentage of students who attend college, and special enrichment programs. If you have school-age children, also consider paying a visit to schools in the neighborhoods you’re considering. Even if you don’t have children, a house in a good school district will be easier to sell in the future.
  3. Have questions about crime? Ask the police department for neighborhood crime statistics. Consider not only the number of crimes but also the type – burglaries, armed robberies – and the trend of increasing or decreasing crime. Also, is crime centered in only one part of the neighborhood, such as near a retail area?
  4. Determine if the neighborhood is economically stable. Check with your local city economic development office to see if income and property values in the neighborhood are stable or rising. What is the percentage of homes to apartments? Apartments don’t necessarily diminish value, but they do mean a more transient population. Do you see vacant businesses that have been for sale for months?
  5. See for yourself. Once you’ve narrowed your focus to two or three neighborhoods, go there and walk around. Are homes tidy and well maintained? Are streets quiet? Pick a warm day if you can and chat with the people working or playing outside. Are they friendly? Are there children to play with your family? Visit the neighborhood at different times – daytime during the week, at night during the week, on weekends in the evenings, and at other times.

In the fourth post in this series, we’ll discuss your “Get Your Finances In Order” and “Think Like a Lender: Let’s Do The Math”. If you’d like a FREE copy of our complete 36 page Northern Nevada “Just for Buyers Guide” just let us know. We’re happy to provide you with one to assist you on your road to home ownership.

Dayton Valley Nevada Real Estate Market Update: June 2009

Today there are 107 homes for sale in the Dayton Valley area. This is down from 136 homes available for sale from a month ago and 146 from two months ago. Of the 107 homes available for sale, 16 are bank owned and 23 are short sale. That means 39 – or 36% – of the market is distressed. This is the same as last month when the numbers were different, but 35% of the market was distressed. It appears as though the Dayton market is no longer suffering from excess inventory – not to mention excess distressed inventory – dragging prices down.

How is the absorption rate looking for Dayton? Let’s take a look…

  • Dayton currently has 107 homes on the market.
  • In June, 39 homes sold
  • 107 / 39 = 2.74 months

In May, the absorption rate was 4.85 months. We now have 6 months of trend where the absorption rate is dropping in Dayton! This is great news!

With only 2.74 months of inventory on the market, it sounds ridiculous to even say this, but this is the second consecutive month of inventory shortage in the Dayton, Nevada area. Look to builders in the Dayton area to begin new construction again to feed the demand for product in this small, centrally located valley.

Today, there are 179 properties under contract / pending in Dayton. That’s more than double the number of homes that were under contract at this same time last month (83).

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. And if you’re a first time homebuyer, you only have until December 1, 2009, to take advantage of the $8,000 tax credit. It’s a great time to be a homebuyer but the market winds are shifting. Don’t miss the boat!

(Our data is from the NNRMLS, Dayton Valley area (Area=420, 416, 414, 412, 410, 402.)

Carson City Nevada Real Estate Market Update: June 2009

Carson City saw a bit of a derease in the number of homes sold in June compared to May. In June, 33 homes sold compared to 40 in May. However, when you compare June 2008 to June 2009, year over year volume is up. In June 2008 only 27 homes sold. Some pundits think that year over year is a better comparison that month over month because it compares a similar time of year.

A whopping 88% of the homes (or 26 homes) that sold in June went for less than $200,000, demonstrating that home affordability is back in our state’s Capitol. To further demonstrate the changing dynamic of prices in Carson City, there was not a single sale over $500,000, only one over $400,000, and three between $300,000 and $400,000. There were also three sales between $200,000 and $300,000. It’s clear that buyers simply are not interested in buying in Carson City when the price goes above $200,000.

2009 Carson City Homes Sales Data

Today there are 283 homes for sale in the Carson City area. Of the 283 homes available for sale, 21 are bank owned and 35 are short sale. That means 56 – or 19.8% – of the market is distressed.

How is the absorption rate looking for Carson City? Let’s take a look…

  • Carson City currently has 283 homes on the market.
  • In June, 33 homes sold
  • 283 / 33 = 8.57 months

June marked a slip just outside the ‘normal’ range when considering the absorption rate. A normal market is defined as 5-7 months of inventory available for sale, determined by the absorption rate. The Carson City real estate market continues to struggle to determine it’s price floor and a steady sales volume.

(Our data is from the NNRMLS, excluding all shared ownership or manufactured housing in Area 200.)

Dayton Valley Real Estate Market Update – Mid-May 2009

Today there are 132 homes for sale in the Dayton Valley area. This is down from 146 homes available for sale from a month ago. Of the 132 homes available for sale, 21 are bank owned and 23 are short sale. That means 51 – or 33% – of the market is distressed.

How is the absorption rate looking for Dayton? Let’s take a look…

  • Dayton currently has 132 homes on the market.
  • In May, 22 homes have sold to date (and the month isn’t over yet!)
  • 132 / 22 = 6 months

In April, the absorption rate was 6.6 months. In March, the absorption rate was 10.55 months. In February, the absorption rate was 14.46, and in January, the rate was 20.42. We now have 5 months of trend where the absorption rate is dropping in Dayton! This is great news!

The next trend to follow after supply stability is price appreciation. The Dayton market is the first market in Northern Nevada to report a ‘normal’ absorption rate, which is defined as 5-7 months of inventory on the market.

Today, there are 85 properties under contract / pending in Dayton. That’s a lot of homes to close escrow in the coming months further demonstrating the Dayton Valley real estate market’s recovery.

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.

(Our data is from the NNRMLS, Pulled all Active listings, Dayton Valley area (Area=420, 416, 414, 412, 410, 402.)

Dayton Valley Real Estate Market Update – April 2009

Today there are 146 homes for sale in the Dayton Valley area. Of the 146 homes available for sale, 30 are bank owned and 21 are short sale. That means 51 – or 35% – of the market is distressed.

Compared to January’s Dayton numbers, this market is looking much better. In January, there were 245 homes on the market and 53% of the market was distressed.

How is the absorption rate looking for Dayton? Let’s take a look…

  • Dayton currently has 146 homes on the market.
  • In February, 22 homes sold
  • 146 / 22 = 6.6 months

In March, the absorption rate was 10.55 months. In February, the absorption rate was 14.46, and in January, the rate was 20.42. With an absorption rate of 6.6 months, we can officially say the Dayton market is normalizing! This is the first market in Northern Nevada that is normalizing according to these statistics.

The next trend to follow after supply stability is price appreciation. It will be modest and slow-going, but over the next 6 months, I look forward to reporting back the trends to you because I suspect that the Dayton market is going to really start heating up!

Today, there are 87 properties under contract / pending in Dayton. That’s a lot of homes to close escrow in the coming months further demonstrating the Dayton Valley real estate market’s recovery.

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.

(Our data is from the NNRMLS, Pulled all Active listings, Dayton Valley area (Area=420, 416, 414, 412, 410, 402.)

Carson Valley NV Real Estate Market Hitting Bottom? All Signs Say YES!

Could it be true? Could the Carson Valley Nevada Real Estate market be nearing the bottom and stabilizing? I say, YES, and here’s why I think so.

As I have said in previous posts, I like to follow the numbers, because to me, the numbers don’t lie. I have pulled data from the Multiple Listing Service and here’s what I see:

Carson Valley NV Real Estate Average Prices

The graph starts in June 2007 and shows an average sales price for each month. If you look closely, you’ll see that January 2009 appears to be a low spot.

The most important thing to see is the very end on the right hand side. Do you see it? Not only is it not flat, it’s creeping up ever so slightly. Over the last 3 months, the average selling price has stayed within $10,000 of the previous month’s number. So basically, the average selling price held steady. I believe this indicator is predicting the bottom of the market.

Here is my chart that I update every month with these statistics:

Carson Valley NV Real Estate Market Statistics

If you look at the average sales price for February, March, and April, you’ll see what I’m saying. You’ll also see that the per square foot price seems to be hanging in right around $140-145 as well.

Of course, only time will tell if my prognostication is right. One thing you CAN count on is I will share this information with you again next month and we’ll see if the glass really is half full and it’s time to be optimistic!

(Data provided courtesy of the Northern Nevada Multiple Listing Service and covered Area 300 which is all of Gardnerville, Minden, Genoa and outlying Carson Valley areas.)

Dayton Valley Real Estate Market Update: February 2009

Today there are 188 homes for sale in the Dayton Valley area. Of the 188 homes available, 81 are distressed (either short sales or bank owned properties). That means 43.1% of the market of available homes is distressed. This is substantially higher than Carson City at 27.7% and the Carson Valley at 17.9%.

Compared to January’s Dayton numbers, this market is looking much better. In January, there were 245 homes on the market and 53% of the market was distressed.

How is the absorption rate looking for Dayton? Let’s take a look…

  • Dayton currently has 188 homes on the market.
  • In February, 13 homes sold
  • 188 / 13 = 14.46 months
  • Dayton is a ‘buyers market’ – no big surprise right?

In January, the absorption rate was 20.42, so the decrease in inventory made a tremendous difference from January to February. The 20% reduction in active listings makes the market look much more healthy. We are still quite a ways away from a “normal” market of 5-7 months, but we’re heading in the right direction!

(Our data is from the NNRMLS, Pulled all Active listings, Dayton Valley area (Area=420, 416, 414, 412, 410, 402.)

Find us on Active Rain Find us on Trulia Find us on Zillow Like us on Facebook Follow us on Twitter Follow our RSS Feed for Great Nevada Homes Find us on Active Rain Find us on Trulia Find us on Zillow