I wanted to share some information about what is happening in the Carson City real estate market. This information is taken directly from the Northern Nevada Regional MLS which is the multiple listing service system that all local realtors use.
Carson City Median Price Trend
The median price of a single family (stick built) home in Carson City for December, 2007 was $287,000. While this number is up from the recent low of $246,000 in November, 2007, it still represents a decline of 10% from December, 2006.
The Carson City median home price peaked at $346,000 in April, 2005 and has been in a decline mode since (this real estate correction technically started in August, 2005 when you probably started noticing more for sale signs around town – a.k.a. inventory building). The November median price of $246,000 actually represents a decrease of 29% from the peak in 2005.
Number of Carson City Homes Sold
In December, 2007, there were 29 single family homes sold (check out Carson City homes sold here). This reflects a decrease from December 2006 of 12%.
Buyer or Seller Market
No big surprise we are still in a strong buyer’s market. As a matter of fact, the market has moved 40% further in favor of buyers over sellers since this time last year.
Probably more of the same for the rest of 2008. While there is a lot more foreclosure activity in Reno/Sparks, there are a number of Carson City foreclosure homes on the market – this tends to artificially increase the home inventory. Coupled with the tightening credit for home buyers and a sluggish California market, this will take quite a while to work its way out.
There are people buying homes today, just at a much slower rate than we saw in the boom of 2004,2005.
If you want or need to track Carson City real estate market trends, check out the free subscription to The Greater Reno Tahoe Real Estate Report on my site.
Any comments, questions, rebuttals are welcome – please post.