Gardnerville Ranchos, NV Housing Market: November 2024 Analysis
The Gardnerville Ranchos, NV metro area is experiencing a dynamic shift in its housing market as of November 2024. The Median Sales Price has decreased to $620,592, marking a significant year-over-year decline of 11.1%. This downward trend in sales prices suggests a cooling market, potentially offering opportunities for buyers seeking more affordable options.
Conversely, the Median List Price remains relatively stable at $700,000, with a slight year-over-year increase of 0.3%. This stability in list prices, despite the drop in sales prices, indicates that sellers are maintaining their pricing expectations, possibly anticipating a market rebound or holding firm due to limited inventory.
The median Price Per Square Foot has decreased by 3.6% year-over-year, now standing at $343.73. However, the Median List Price per square foot has risen by 8.5% to $377.57. This divergence between sales and list Price Per Square Foot suggests a potential gap between buyer and seller expectations, which could lead to longer negotiation periods or increased price adjustments.
In terms of sales activity, the number of Homes Sold has increased by 10.3% year-over-year, totaling 64 homes. This rise in sales volume indicates a healthy demand in the market, despite the overall price reductions. However, Pending Sales have dropped significantly by 32.9%, with only 47 homes under contract, which may signal a slowdown in future sales activity.
New Listings have seen a modest increase of 4.4% year-over-year, reaching 71 new properties on the market. Inventory levels have also risen by 4.1%, totaling 306 homes available. Despite these increases, the Months of Supply have decreased by 30.0% to 4.8 months, suggesting that the market is still relatively competitive, with demand outpacing the supply of available homes.
The Median Days on Market have decreased slightly by 4.0% to 91 days, indicating that homes are selling somewhat faster than the previous year. The average sale to list ratio has seen a minor decline of 0.5%, now at 96.8%, reflecting a slight narrowing of the gap between asking and selling prices.
The percentage of Homes Sold above list price has dropped by 10.8% to 4.7%, highlighting a reduction in competitive bidding situations. Additionally, Price Drops have decreased by 2.1% to 18.3%, suggesting that sellers are adjusting their expectations to align more closely with market conditions.
Finally, the percentage of homes going off the market within two weeks has decreased by 3.0% to 17.0%, indicating a slight slowdown in the pace at which homes are being snapped up by buyers.
Overall, the Gardnerville Ranchos housing market presents a complex landscape with declining sales prices and increased sales activity, juxtaposed with stable list prices and a decrease in Pending Sales. Buyers may find opportunities in the current market, while sellers may need to adjust strategies to align with evolving market dynamics.
