Sierra Nevada Realtors has reported a significant 12.8 percent decrease in the median price for single-family homes, according to its November 2023 report, encompassing Lyon, Storey, Carson City, Douglas, Churchill, and Washoe counties.
Throughout November, SNR noted a decline in median prices for single-family homes in the covered counties, with only Churchill County experiencing an increase. Meanwhile, townhome median prices in Washoe County and the greater Carson City region increased from the previous month and year.
Key indicators such as active inventory, new listings, and closed sales numbers decreased across all six regions compared to the previous month and November 2022.
Sara Sharkey, Co-President of Sierra Nevada Realtors, mentioned that the current market provides more opportunities for home buyers due to declining prices across northern Nevada. Sharkey highlighted the 12.9 percent increase in the median number of days to contract across the counties, making the market more accessible to buyers.
Co-President Christie Fernquest added that, despite increased buying power, it remains a favorable time for sellers in northern Nevada. Fernquest recommended connecting with a realtor for a smoother navigation of the selling and buying market.
Breaking down the data for specific counties in November 2023:
Lyon County reported 87 sales of existing single-family homes and manufactured properties, a 3.6 percent increase from the month before and a 1.1 percent decrease from last year. The median sales price was $367,500, reflecting a 7.1 percent increase from last month and a 10.6 percent decrease from the previous year.
Storey County recorded five sales of existing single-family homes, showing a significant 150 percent increase from the previous month and a 25 percent increase from last year. The median sales price for an existing single-family residence was $560,000, indicating an 8.9 percent decrease from the previous month and a 9.8 percent increase from last year.
Carson City registered 42 sales of existing single-family homes, unchanged from the previous month and reflecting a 14.3 percent decrease from last year. The median sales price for an existing single-family residence was $509,975, a 12.8 percent decrease from the previous month and an 8.5 percent increase from the previous year. Additionally, the existing condominium and townhome median sales price in November 2023 was $405,000, showing a 29.6 percent increase from last year.
Douglas County recorded 34 sales of existing single-family homes, marking a 34.6 percent decrease from the previous month and a 41.4 percent decrease from last year. The median sales price for an existing single-family residence was $612,500, reflecting a 2.4 percent decrease from the previous month and a 5.6 percent increase from last year.
Churchill County reported 12 sales of existing single-family homes, representing a 33.3 percent increase from the previous month and a 25 percent decrease from last year. The median sales price for an existing single-family residence increased by 3.5 percent last month and surged by 31.4 percent from last year, reaching $372,500.
Washoe County, excluding Incline Village, saw 268 new listings and 318 closed sales in November 2023. The median sales price for an existing single-family residence decreased by 3.4 percent from the previous month and increased by one percent from last year, reaching $555,413. The median sales price of an existing condominium/townhome in Washoe County in November 2023 was $339,900, an 8.6 percent increase from last year.
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