Carson City Housing Market Update: Pending Properties Rise as New Listings Fall in January 2023

Carson City, Nevada Market Update – January 28, 2023

Welcome to the Carson City Housing Market report for the third week of January 2023. Pending properties are up and new listings are down. What does that mean and what kind of opportunity does that present?

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Let’s dive in.

Carson City Houses

The average median purchase price for a single-family home in Carson City is currently $512,000. That is a decline of approximately 6.8% from the $550,000 average Carson was experiencing this same week in 2022. There have been some spikes in the numbers, but that is likely due to new construction (phases closing and rapidly absorbed) – which can sometimes affect the data. Overall, the numbers adapt quickly and hover around the $512,000 mark. 

New Listings

In terms of new listings hitting the marketplace, that too is on a downward decline – which is usually the case when seasonal weather becomes a challenge. Sellers often prefer to hold off on listing their properties in the winter, especially when there is an abundance of precipitation and freezing temperatures. Carson City received a great deal of snow (and subsequent ice) with the last set of storms and until there is more consistency with warming trends, there’s a strong chance we will continue to stay on that decline.

Homes Under Contract 

For the third consecutive week, we are seeing an increase in “pending” properties. Seemingly undeterred by the weather, eager buyers are out stomping through the snow, looking at homes, and putting in offers on the handful of homes that are currently listed. A lot of inventory is being absorbed, so if you are considering selling it may be a good idea to list sooner than later. Based on buyer behavior, homes in Carson City are being correctly priced and selling at 96.8% of the marketing price. That’s down just a little bit from this time last year when houses were selling at 98.7%. At present, unless a home is blatantly overpriced, sellers can expect some negotiating with interested buyers, but not too far off the listing price. 

Inventory

At this time, Carson City is enjoying a balanced market with 28.2 weeks of inventory. To be considered a balanced market, weeks of inventory must average between 22 and 26 weeks. For multiple weeks, the balanced Carson market is poised in stark contrast to the neighboring Reno/Sparks seller’s market where there is a substantial shortage of inventory – well under the 22-week threshold. But with the upward tick of activity of Carson’s pending properties, will that make those weeks of absorption go down? To be determined. 

Median Days on Market

Overall, while the week over week data can get volatile, Carson City is on an upward trend with median days on market and hovering around 45 days – very much in alignment with Reno/Sparks which is also on an upward trend and seeing about 60 days on market. With regards to inventory and absorption rate, if we continue to see a downward trend on new listings, and if we begin to see a substantial increase in the number of pending properties, the Carson City area could turn into a seller’s market. 

Withdrawn/Expired Listings

At the end of 2022 we had a huge increase in withdrawn or expired listings, yet we have not yet seen a spike in new inventory. It’s not uncommon to see listing agreements expire at the end of the calendar year, but those unsold homes have not been re-listed – meaning sellers are either choosing not to put their properties back on the market, or they are waiting for the snow to melt. Only time will tell.

In summary,

the Carson City single family home market is a balanced one with 28.2 weeks of inventory. We are seeing a little spike in pending properties, but new listings entering the marketplace are on the decline. The median purchase price is $512,000 and the current lack of competition is presenting a huge opportunity for anyone considering selling in the coming weeks and months.