[Note: the following is the year-end press release on the Reno, Sparks and Carson City real estate markets by my broker, Chase International.]
For Immediate Release
STILL A BUYER’S MARKET IN RENO/CARSON AREAS
Year-End Home Sales Slow After Tax Credit Expires
LAKE TAHOE, Nev. (Jan. 4, 2011) – The Reno-Sparks real estate market benefited immensely from the first-time homebuyers federal tax credit, but despite a strong first two quarters, the year ended with a three percent decline in sales volume and a one percent increase in units sold, according to a year-end report from Chase International.
“There was a lot of activity in late 2008 and early 2009, but once the tax credit expired on June 30, the market began to regress a bit,” said Sue Lowe, corporate broker and senior vice president. “National trends seem to be pointing to the positive, so we should see some pickup in 2011.”
According to the National Association of Realtors (NAR), the Pending Home Sales Index, a forward-looking indicator, rose 3.5 percent to 92.2 based on contracts signed in November from a downwardly revised 89.1 in October.
“In addition to exceptional affordability conditions, steady improvements in the economy are helping bring buyers into the market,” said Lawrence Yun, chief economist for NAR. “But further gains are needed to reach normal levels of sales activity.”
The median price of a home in the Reno-Sparks area dropped seven percent to $172,500 and the average price dropped only four percent to $213,432. Additionally, the volume sold in Reno in 2010 of $826,795,692 is three percent below the Reno’s 2009 volume and the number of units sold in Reno of 3,606 shows a one percent increase over 2009.
Carson Valley saw an 11 percent decline in sales volume and a two percent increase in units sold, in large part due to a 63 percent drop in homes sold for more than $1 million. There was a three percent increase in homes sold for less than $1 million. The average price of a home in Carson Valley is $263,638 and the median is $216,770.
A complete breakdown of Chase International’s year-end sales report can be viewed by clicking on the chart below (two pages).
Headquartered in Lake Tahoe, Nevada since 1986, with eight offices in the region (Zephyr Cove, Glenbrook, Incline Village, Tahoe City, Squaw Valley, Truckee, South Lake Tahoe and Reno) and one in London, England, Chase International and its exclusive affiliations handles a large share of the country’s property. A recognized leader in the world of real estate, Chase International continues to grow having added 65 Realtors® to their ranks in the past twelve months.
With 240 professional REALTORS ® boasting an array of industry certifications and the highest volume per sales agent in the area, Chase International successfully represents homes at all price levels. For more information about Chase International visit www.chaseinternational.com.
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