At MyRenoSparksRealEstate.com, we want to be your resource for all things real estate. Here is what is going on in today's local market.
Homeowners have historically remained in their homes an average of six to seven years, however in 2014, research showed that time has increased to 10 years, according to Dave Hansen, 2015 president RSAR. This has created a lack of inventory within the Reno-Sparks market for existing-home sales. Many would-be sellers have stayed put because they are nervous about leaving their low interest mortgage rates, and they also have been waiting for a spike in the value of their homes.
Median Reno-Sparks Sales Price
- February 2015 median price was up 5.2% to $265,000 compared to $252,000 in January 2015 and up 13.5% compared to $233,500 in February 2014.
- Median Price by Special Conditions – February, 2015 median price on properties with no special conditions was up 1.9% to $274,995 compared to $270,000 in January, 2015 and up 9.0% compared to $252,365 in February, 2014.
- February, 2015 median price on REO (Bank Owned) properties was down -7.6% to $185,750 compared to $201,000 in January, 2015 and up 16.1% compared to $160,000 in February, 2014.
- February, 2015 median price on short sales properties was up 29.9% to $252,600 compared to $194,500 in January, 2015 and up 48.6% compared to $170,000 in February, 2014. * Data Sourced from NNRMLS.
Number of Units Sold
- February, 2015 units sold was up 5.5% to 383 compared to 363 in January, 2015 and down - 1.3% compared to 388 in February 2014.
- Average Days on Market, February 2015 average Days On Market was down -13% to 109 compared to 126 in January, 2015 and down -5% compared to 115 in February 2014.
- Days on Market (DOM) by Special Conditions – Short sale properties had an average days on market of 280. – Properties with no special conditions had an average days on market of 96. – REO Properties had an average days on market of 94.
- New Listings – February, 2015 new listings was up 17.6% to 509 compared to 433 in January, 2015 and down - 8.8% compared to 558 in February 2014. –
- Current Months Supply of Inventory (Unsold Inventory over Sales per Month) – At the end of February, 2015, there was 3.6 months of unsold inventory based on the monthly sales rate.
- Historical Months Supply of Inventory – February, 2015 MSI was down to 3.6 compared to 4.1 in January, 2015 and down from 5.0 in February, 2014. – The National Association of REALTORS® describes a balanced market as between 5 and 7 months supply.
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