September 2009 Dayton Valley Nevada Real Estate Market Report
We had 27 home sales in the Dayton Valley in September 2009, another 100%+ volume increase over September 2008 when 13 homes sold. September makes the second month in a row where sales volume has doubled year over year.
Here is a snapshot of our market indicators for September:
- 27 homes sold
- Average asking price is $176,081
- Average selling price is $172,301
- Average days on market is 160
So what is the absorption rate for the Dayton Valley?
- There are 106 homes on the market as of 10/7/09
- 27 homes sold in September
- 106/27 = 3.93 months of inventory
The absorption rate for the Dayton Valley continues to be strong and under the 5-7 months considered a normal supply. Dayton's affordability over neighboring Carson City, Reno / Sparks or the Carson Valley continues to be a big attraction over the higher priced areas.
Of the 106 homes on the market, 14 are bank owned and 22 are short sales. The number of homes on the market continues to shrink and buying activity is holding steady. This is why we're seeing increases in the asking prices and selling prices in Dayton. With such low inventory, the Dayton Valley Nevada real estate market is furthering our opinion that it has become a seller's market.
(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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