Real Estate Blog

At MyRenoSparksRealEstate.com, we want to keep you informed of trends in the Reno-Sparks, NV housing and real estate markets.  If you have questions about your home value or neighborhood, please feel free to contact Montgomery Home Selling Team @ Keller Williams Realty anytime!

September 2015 Market Report For Greater Reno/Sparks 

• “The announcement of the Federal Reserve Board to hold off an increase in interest rates will help qualified buyers - despite the trend of increasing median price,” said Dave Hansen, 2015 RSAR president.  “We see the past 13-month leveling in the median price as a positive sign for buyers who can afford to purchase a home.”
• September unit sales at 560 are up 7% from August and up 10% compared to September 2014.  Despite the typical drop in sales from the summer selling season, this is the second highest September unit sales in history exceeded only by September 2003 at 593. The median price was down 2% to $285,000 compared to $290,000 in August. 
• Median sales price was up 19% from September 2014.  The double-digit increase in month-over-month median price has diminished over the past 13 months; however affordability for the median income wage earner continues to be a concern.
• New listings in September are down 21% at 626 compared to August and up 10.0% from September 2014.   The Reno market remains in a seller’s market with 3.4 month’s supply of inventory.  Month’s supply of inventory is the time it would take to exhaust the active and pending inventory at the current rate of sales.  

Market Summary

• Affordability continues to be a concern.  During the month of September, there were only 92 new listings that came on the market priced under $200,000 or less 15% of new listings.
• There was good news with the announcement by the Consumer Financial Protection Bureau of a safe harbor period for entities who participate in the home loan closing process. 

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• housing values (1)
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