The Reno/Sparks Association of REALTORS® has released its real estate market report for February 2015. Click on the report below to access the entire report.
From February’s report…
“Homeowners have historically remained in their homes an average of six to seven years, however in 2014, research showed that time has increased to 10 years,” said Dave Hansen, 2015 president RSAR. “This has created a lack of inventory on the market for existing-home sales. However, the National Association of REALTORS® believes 2015 could be the year some homeowners move out and move up. Many would-be sellers have stayed put because they are nervous about leaving their low interest mortgage rates. They also have been waiting for a spike in the value of their homes. Nationally home values have risen 25 percent over the past three years on average, meaning pent-up sellers are in a better position to put their place on the market. Locally, we have seen a faster recovery in home values.”
February 2015 median price was up 5.2% to $265,000 compared to $252,000 in January 2015 and up 13.5% compared to $233,500 in February 2014.
related post: RSAR Monthly Market Report – January 2015