A strong seller’s market and the continued increase in home values has helped reduce the number of short and bank sales for many months. The percentage of non-distressed homes in the Reno/Sparks region has continued to be a dominating factor. A non-distressed home sale is also known as a regular or traditional sale. Short sales and bank owned sales remain a small fraction of what they were a few years ago.
The median price trend for traditional sales decreased slightly from $272,000 in January to $266,676 in February, while the average days on market has been relatively stable since May. Both of these trends validate that our housing inventory is very low, and demand is strong, especially in the most affordable price ranges below $350,000. The current market conditions give sellers a distinct advantage.