The Reno real estate market has taken a beating over the past few years. However, thanks to the improving job market in the Reno community and the positive buzz that some big companies have generated by moving to our area, consumer confidence is higher than it has been in a while. Here is a quick Reno Real Estate Market Update for January 2015.
According to the Reno/Sparks Association of REALTORS®, the median price for a Reno home sold in January 2015 was $252,000. This was a 4% decrease from December 2014, but a 14.5% increase over the median sale price in January 2014. This continues the December to January decreases we have been seeing over the last seven years.
There were a total of 359 Reno homes sold in January 2015. This was a 31% decrease from the previous month but a slight 1.4% increase from January of last year. The December to January drop in home sales is also typical for this time of year. Buyers tend to seek out a new home before the end of the year rather than wait until the beginning of the new calendar year.
New listings saw a whopping 50% increase over December's figures. However, the 430 new listings in January 2015 were actually 17% less than the same time last year. The Reno real estate market remains a "seller's market", with 3.8 months of inventory on hand.
There is both good and bad news for the Reno real esate market. Many Sellers decided to wait out the recession. With home prices improving and the job market looking much rosier, Sellers are now beginning to feel much more confident about putting their homes on the market. This will help bring inventory levels up. However, higher housing prices will affect affordability. Experts are predicting that the median price may increase 5-6% by the end of 2015. Interest rates are also expected to stay at historical lows until at least the middle of the year, with rates predicted to increase to as much as 5% by the end of the year.
Charlene Hamilton, Your Reno Real Estate Specialist
Originally posted on my Reno real estate blog here: http://renohappenings.com/reno-real-estate-market-update-for-january-2015/.
Comments(1)