Carson City housing is seen as a top rebounder as recovery gains steam
March 7, 2013
Carson City’s housing market is among the top 15 in the nation expected to rebound during the next five years based on Fiserv Case-Shiller data, according to a Business Insider report.Nevada’s state capital was joined by Reno-Sparks from the Silver State as two of the top 15, the report said, but Carson City’s recovery is expected to outpace its neighbor 30 miles to the north.Carson City is anticipated to have 8.5 percent annualized growth from the third quarter of last year through the third quarter of 2017. For the same period, Reno-Sparks is pegged to grow annually by 8.1 percent.Stephen Lincoln, a RE/MAX Southwest real estate agent in Carson City, was sent the article by his national RE/MAX affiliates and posted it for offering via the city’s Chamber of Commerce. “They’re spot on,” Lincoln said of the folks compiling the report. “There’s just not a whole lot of homes.”He said there are 224 listed in the city now, but 135 of those are under contract, and he has his own data showing there were nearly 600 listed in mid-2007. The report indicated Carson City home prices dropped 51 percent from the peak in the second quarter of 2006. In Reno-Sparks, the peak came in the first quarter of 2006 and prices dropped there by 52.6 percent.Most of the other 13 rebounding markets are in western states, though Florida had its share and communities in Mississippi and Connecticut made the list.From neighboring California, the markets projected to rebound most are Santa Barbara-Santa Maria-Golet, Vallejo-Fairfield, and Visalia-Porterville.In Florida, the expected big rebounder markets are Sebastian-Vero Beach, Panama City-Lynn Haven-Panama City Beach, and Ocala.Other places in the West are Medford, Ore., Yakima, Wash., Santa Fe, in N.M., plus Tucson and Yuma in Arizona. Norwich-New London in Connecticut and Gulfport-Biloxi in Mississippi are the other two. The article projected Medford topped the list in prospective annualized growth at 9.7 percent. The Oregon city’s home prices fell 39.2 percent from their peak in the second quarter of 2006.