Good Signs of thing to come in Northern Nevada? We hope so!
Today there are 146 homes for sale in the Dayton Valley area. Of the 146 homes available for sale, 30 are bank owned and 21 are short sale. That means 51 - or 35% - of the market is distressed.
Compared to January's Dayton numbers, this market is looking much better. In January, there were 245 homes on the market and 53% of the market was distressed.
How is the absorption rate looking for Dayton? Let's take a look...
- Dayton currently has 146 homes on the market.
- In February, 22 homes sold
- 146 / 22 = 6.6 months
In March, the absorption rate was 10.55 months. In February, the absorption rate was 14.46, and in January, the rate was 20.42. With an absorption rate of 6.6 months, we can officially say the Dayton market is normalizing! This is the first market in Northern Nevada that is normalizing according to these statistics.
The next trend to follow after supply stability is price appreciation. It will be modest and slow-going, but over the next 6 months, I look forward to reporting back the trends to you because I suspect that the Dayton market is going to really start heating up!
Today, there are 87 properties under contract / pending in Dayton. That's a lot of homes to close escrow in the coming months further demonstrating the Dayton Valley real estate market's recovery.
If you're a buyer debating buying a home right now in Northern Nevada, don't wait for these statistics to continue to trend upward. It may just cost you the house of your dreams.
(Our data is from the NNRMLS, Pulled all Active listings, Dayton Valley area (Area=420, 416, 414, 412, 410, 402.)