Carson Valley Real Estate - Homes Sold in February 2010
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.) _________________________________________________________________________________________________________
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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!
Looks good for your market -- all the best.
Christianne, has your activity rate increased? We seem to see things picking up here and have more activity, are you seeing the same trend?
Nick - Business activity has definitely picked up. Just to give you some perspective, in 2009, we never had a month where we closed more than 40 transaction sides. Now we've had two back to back months where we've opened 45+ escrows for two months in a row. Only time will tell if it's tax-incentive related...
That is encouraging news, our office has around 20-30 under contract right now, hopefully 90% will close.
Nice job keeping everyone informed on the market stats for your area Christianne! Sounds like things are going well.