The median price for the Reno-Sparks region in February was $265,000 which was a 5% increase from January, and a 13 and a half percent increase over February of 2014. According to statistics by the Reno-Sparks Association of REALTORS, values have risen 96% since the bottom of the market in January 2012. From the peak of the market in January 2006, values are still off 27.4%.
Since September of last year, the average days on market has been increasing. However, the days on market dropped from 125 in January to 109 in February, a 13 percent decrease. This is also a 5 percent decrease from February 2014. It’s interesting to note that 75% of new listings taken in January are currently either sold or have a pending sale. A sign to potential buyers that properties are not remaining on the market long, and a sign to sellers, that homes priced right are moving quickly. The number of Days on Market historically declines through Spring and Summer.
Our local market has remained consistently in a seller’s market for 26 of the past 28 months. Interest rates are expected to remain at historical lows until mid-year, and are predicted to climb to approximately 5% by year end. For those sellers who have equity as a result of the increase in property values and are ready to relocate, move up or down-size, the time may be right to talk to us. Call us at 775-453-0209 for more information.