By Sam Whiteside

This page posted 5/07/08

The following pages are updated monthly and provide a measure of market activity, demand and price information for the locations featured in this Website. Statistics are for residential properties only and are quoted from information gathered from local MLS sources and reflect activity and transactions carried out by Realtors. Information about Land Sales as opposed to improved property sales, is available on your request.

Like many US markets, NW Nevada has experienced a downward price trend since the peak of May/June 2005. As of this date, we are at about 75% of peak prices. This varies slightly across the price spectrum and is difficult to measure in the upper ranges since so few large, high price homes are sold. With loan defaults and foreclosures occurring, about 10% of the inventory is being sold either as "bank owned (REO)" or "short sale', where existing mortgages are in excess of the market value. This is more prevalent at the bottom end of the market. Some investors are beginning to buy now that these lower end homes make more investment sense. 

So POSITIVE SIGNS are appearing. Many of the lower priced homes are now getting more than one offer on them and while the actual number of sales taking place is about 1/3 of when the market was strong, listing inventory is not increasing and is down about 20% from this time last year.

The Currrent Market Analysis shows that in the Minden/Gardnerville (Carson Valley) area, we have 562+/- single-family homes for sale  of which 511 are not in escrow (51 pending sale). This is about the same available inventory of  homes as last month with more in escrow

The price distribution is shown in Current Market Summary. The bulk of Carson Valley homes are in the price range of $175,000 - -$350,000. Below $175,000 they tend to be condo townhouses or mobile homes on a lot. In Carson City, the same profile appears - Call me if you want Carson City statistics. The DOM column shows how long they are on the market, on average.

Since most of the homes are relatively new and their cost of reproduction is easily calculated, listing and selling prices normally do not on average, usually vary by more than 3-5% as long as sellers have been adjusting their list price to the down market. Exceptions are common, especially with bank owned properties, although being bank owned does not guarantee "a bargain" as the bank wants as much as possible, just as a normal owner would. So, an average is not really valid at this time due to the small number of transactions.

  Sold Price Analysis  100+% prices used to due to builders adding upgrades to standard model prices. Now, that is more likely to be due to the seller adding buyer credits to help with closing costs, or to more than one offer on an REO property.  Properties that are over priced, will be obviously so, to a well informed buyer. However, if upon assessing all the factors that make up a buying decision, a property looks "good", expect to pay close to full List Price. This is borne out by several examples in the % List to Sale Price column in the Sold Price Analysis.

Please remember -- Averages are mathematically derived. There really is no such thing as an "average home" or "average property". If you are well informed and you see a home for sale that looks good to you, it will look good to other buyers for the same reasons. Therefore, do not think that it will remain on the market for the "average" length of time. Make your offer before someone else does!

For buyers planning to view homes with me, I will supply a comprehensive break down of the market sector they are planning to buy into.