Reno/Sparks Market Report: February 2015

Reno Sparks Tahoe Homes, Nevada - February 2015 Market Report. Treads are rising home prices and shorter time on the market. Check out more and Call RST Homes Today 775-762-3182

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Reno/Sparks Market Report: February 2015

Posted by Candy Noel on Wednesday, March 18th, 2015 at 6:43am.

The Reno/Sparks Association of Realtors recently released the area market report for February 2015. This report provides helpful information regarding the current trends and conditions in the marketplace. If you plan on buying or selling a home in the coming weeks, you should ask Reno Sparks Tahoe Homes to help you analyze this market report!


Market Pulse

Over the past few decades, the average homeowner remained in his/her home for approximately six to seven years, but the latest information from 2014 shows that this span of time has grown to an average of 10 years. Consequently, a shortage of available existing homes has been created.

According to the National Association of REALTORS®, 2015 may mark the right time for homeowners to move out of their current homes and move into more valuable homes. Many experts believe that a lot of sellers have remained in their homes longer due to anxiety over leaving their low-interest mortgages. These would-be sellers may also be staying put while they wait on a spike in home values in the area.

Home Values

Over the past three years, home values have increased by an average of 25 percent across the country. The Reno/Sparks area has experienced an even faster home value recovery than the national average. This means that many pent-up sellers are now finding themselves in a great position to sell.

In February of last year, the median sales price for homes was $233,500. This number increased by an astounding 13.5 percent to $252,000 last month, January 2015. As of February 2015, the median price substantially increased again to $265,000, or by a percentage of 5.2.

Since the market bottom in January of 2012, home values have increased by approximately 96 percent. However, it is important to note that, when compared to the market peak in January 2006, current values are still low by approximately 27 percent.

Sales Statistics

The number of homes sold in the Reno/Sparks area during February 2015 was up from last month by 5.5 percent; however, sales were down by 1.3 percent compared to February 2014 when 388 units were sold. While this February sales increase trend has also occurred almost every year for the past eight years, the percentage of increase has been slowly decreasing over the past three years.

In January 2015, the average days on the market in the area was 126. This significantly dropped by 13 percent to 109 in Feburary 2015. Last year, the average days on the market for the Reno/Sparks area in February was 115.

A large amount of new listings were posted in February 2015. When compared to 433 new listings in January 2015 month, the new listings for February were up by 17.6 percent to 509. Of these 509 new listings, 36 percent were properties listed under $250,000 and 12 percent were distressed listings.

It is also interesting to note that of the total new listings posted in January 2015, 75 percent have already been sold are have a sale pending. This implies that homes are not staying on the market for long, and that homes priced right are selling fast.

Although many experts predict that interest rates will rise by approximately 5 percent this year, they also believe that this increase will not occur until June/July 2015. The recent increase in property values has allowed many potential sellers to build equity in their homes, so now be the perfect time to speak with an RST Homes agent about relocating, moving into a better home or down-sizing. 

 

If you're looking to sell your home or looking to buy a home, contact Reno Sparks Tahoe Homes today!! We're here to help you with accurate local information and strong knowledge of our real estate market from all MLS Listings and New Construction.

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