Reno/Sparks Market Report for Feb 2014

Reno/Sparks Market Report for Feb 2014

The median sales price has slowed from the accelerated pace seen during the period 

January 2012 through May 2013, but is up 24% over February 2013.

– Pending sales were down slightly in February 2014 at 365 compared to 377 in January
2014. Pendings are a leading indicator of future closed transactions.

– We continue to monitor affordability. The Washoe County year-over-year jobs market is
incrementally improving; however, if the median income remains level, increasing home
prices will affect affordability for the average buyer.

– The entry-level segment of the market with a price range of $100,000 – $200,000 has less
than 3.2 month’s supply of inventory. In the price range between $200,000 – $500,000 we
see 3.9 to 5.7 month’s supply of inventory.

– The difference in price tiers shows a tale of two very different markets. As purchasers of
upper end homes increase, first-time buyers are finding it difficult to achieve their dream of
homeownership.

– For those sellers with equity and a willingness to price their home competitively,
particularly at the entry level of the market, there is still buyer demand and it’s an excellent
time to sell.

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