A home under construction in old Minden on Thursday, Aug. 5.
Photo by Kurt Hildebrand.
A lack of inventory, low interest rates and eager buyers have sent Douglas County home prices into the stratosphere.There are only 81 homes in East Fork Township that are available to sale as the housing market continues to glow white hot.And with homes only staying on the market for around a week, those are likely to sell fast.Nevada Board of Realtors President Brad Spires said strong demand in the housing market and a lack of inventory are driving prices up.He said that the median price per square foot in July was $326.“During 2010, that was under $100, so that number per square foot is incredible,” he said. “This is a basic supply and demand story. When there’s no inventory, the price goes up."RELATED: Median home price in Sparks hits $500K for first time ever
Because construction costs have increased, even the new homes coming online now are running at higher rates.Spires said it’s unlikely Douglas will see the market cool off very soon. Home sellers are getting 102 percent of their asking price now.“We are going to continue to have what we have with people bidding prices up,” he said.There are instances where residents who are sitting on significant equity in their property are selling.“There are 54 homes on the market over $1 million,” he said. “Some of those are people looking at the market and thinking maybe it’s time for us to downsize, or to buy a motorhome and travel for three years. "With numbers escalating the way they have, a lot of people are testing the market.”
He said in July, the median price of a home in East Fork Township was $577,500.“The higher-end market that was dormant for so long has just gone through the roof,” he said.
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On the other end of the spectrum, on Friday morning there were only three active listings under $400,000.“That’s a little problematic for new folks coming into the Valley, first responders and teachers,” he said. “Interest rates are still low enough to give them the buying power they need where they can still buy a home.”
The average sales price for a home in Carson Valley hit a record $658,947 during the second quarter of 2021.
According to figures released Wednesday, Aug. 4, by the Douglas County Assessor’s Office, the median home sales price was $525,000 during the quarter, which also appears to be a record.In all, 275 homes were sold during the quarter, the second highest number in the last 16 years. Only second quarter 2017 saw more home sales.Only 198 homes sold in the first quarter, but that number rose to 275 sales in Carson Valley in the second quarter bringing the total to 473 in just the first half of 2021.That’s exactly on pace to equal the total home sales of 946 in 2020 in Carson Valley, despite the huge jump in average price.
