Dayton NV Homes - Homes Sold in December 2009
Only 16 homes closed escrow in the Dayton Valley in December 2009, compared to 27 sales in November, and 13 sales in December 2008.
The Dayton Valley Nevada real estate market ended the year with 308 sales for all of 2009, substantially higher than the 176 sales in all of 2008. Indicators show that our market has definitively moved through the low point in sales volume. Basic economic models tell us that when sales volume improves and supply diminishes, price appreciation typically follows. We'll continue to watch 2010 trends closely to see if this indeed is the case in the Dayton Valley.
Here are the statistics for Dayton Nevada Homes Sold in December 2009:
- 16 homes sold
- Median asking price is $129,900
- Median selling price is $127,450
- Median days on market is 92
While volume may have been lower than in previous months, that's not too particularly surprising. The real estate market often enters a 'quiet period' between Thanksgiving and Superbowl Sunday when people focusing their attention on the holidays and traveling to see family over winter break.
So what is the absorption rate for the Dayton Valley?
- There are 109 homes on the market as of 1/8/10
- 16 homes sold in October
- 109/16 = 6.8 months of inventory
The absorption rate fluctuated this cycle because of the decrease in the number of closed escrows during December. Look to the absorption rate to start trending back down in January and be back below 4 months in February if inventory levels remain constant. Dayton's enduring affordability over neighboring Carson City, Reno, Sparks or the Carson Valley continues to be a big draw for homebuyers.
Of the 109 homes on the market, 27 are bank owned and 35 are short sales. The number of homes on the market continues to hold steady, however over 56% of the market is distressed. So, the message with Dayton is loud and clear: If you're looking to buy in Dayton, it's likely a distress sale and will either be a while to get escrow closed, or may have deferred maintenance and you'll need to do some repairs if it's bank-owned. However, the market has never been lower and you can buy a fabulous home for less than it costs to build.
(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.)
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About The Author
Christianne Gordon, REALTOR®, CDPE, SFR is a Northern Nevada Real Estate Specialist that can assist you with the purchase or sale of real estate in Gardnerville, Minden, Genoa, Carson City, Dayton, and Reno/Sparks.
To search all available homes for sale in the Northern Nevada area, please visit GreatNevadaHomes.com or contact us for a FREE ListingBook account!
Hi Christianne:
Nice market update on Dayton NV.
It's great to hear that properties are selling.
Lets hope that the market continues to improve.
Hi Toula - Thanks so much for your comment. I appreciate it.