The national real estate market is experiencing a slowdown. Compared to historical averages, August of 2023 saw a below-average number of homes sold, nearing the historic low. While all regions have been feeling the slowdown, the West Coast has taken the brunt of it, with a 38% decrease from the historic average.
Buyer demand on both the national and local level had decreased, but pricing in the Carson Valley Real Estate Market remains stable. Seller demand has decreased as well, maintaining this stabilization locally. However, the decrease in inventory is another sign of a slower real estate market, which is partially to be expected due to seasonality.
Dive into the details with me in the Q3 Market Update
Carson Valley Real Estate Trends
- The median home sale price in September was $595,000. This is a 6% increase month-over-month, and a decrease of only 1% year-over-year from 2022’s $604,000.
- 106 homes sold in September, compared to August’s 113 units sold. While this is a month-over-month decrease, annually there was no change as 106 homes sold in September of 2022 as well.
- In September, 89 new contracts hit the Carson City and Carson Valley real estate market. This is an increase of 7% year-over-year, but a decrease of 22.6% month-over-month. With so much seasonality in the local market, a decrease like this from August to September is expected.
- 115 new listings came to market in September, compared to August’s 141 new listings. This 18.4% month-over-month and 24.3% year-over-year decrease can be partly explained by seasonality but indicates declining seller activity in the local real estate market as well.
- In September, the Carson City and Carson Valley real estate market had 269 homes in active inventory. A decrease of only 1.5% from August, but a 25% year-over-year decrease.
- The over ask analysis currently sits at 98.3%, which is just 0.2% down from August’s analysis. However, year-over-year this is an increase of 0.7%, which continues to show the stabilization of the local market.
National Real Estate Trends
- In August, home sales nationally were 24% below average and close to the historical low. This can partly be accounted for with market seasonality, as fall and winter typically see slowdowns in the real estate market.
- All regions are currently impacted by the real estate slowdown. The West Coast is at 38% below, the Northeast at 35% below, the Midwest at 19% below, and the South at 15% below average home sales.
- Mortgage delinquency rates have up-ticked slightly to 3.17% nationally. While that is an increase, it still sits below the national average for the last 22 years, indicating a healthy real estate market overall.
