Reno Home Prices Hit New Recovery High In February 2017

Posted on by & filed under Nevada by the Numbers Blog.

The Reno/Sparks Association of REALTORS has the latest compilation of existing home sales stats for Northern Nevada, and it’s largely good news.

According to RSAR, the February median sale price of $320,000 was up 6% from January and up 10% from a year ago. This is the highest level since the housing market’s recovery began in January 2012. On average, sellers are receiving an average of 98.5% of list price.

February unit sales at 374 are up 3% from January and up 2% compared to February 2016. New listings are up 28% at 488 compared to January and down 16% from one year ago. Properties are remaining on the market an average of 115 days compared to 116 days in February 2016.

The Reno market remains in a seller’s market, at 4 months supply of active and pending inventory at the current sales pace. Anything less than six months of inventory is considered a tight market, putting upward pressure on pricing. However, prices per square foot are still down from November 2016.

 

There is a growing gap in median sales price between the Reno market and the surrounding communities. Today the median priced home Fernley is 37% less than Reno; Dayton with a median sales prices of $232,000 is 28% less; and the Carson City area with a median price of $259,500 is 19% off the Reno Market. Here are sales prices for the various Reno/Sparks submarkets: