Reno-Sparks’ price increase compared to pacific coast cities

Yesterday, real estate blog, Movoto, blogged about the current state of the West Coast real estate market. In the blog post they took a look at inventory and list prices in 14 large cities in the Pacific states of California, Oregon, and Washington. See: West Coast Real Estate Market: Prices and Inventory Rising

Not surprisingly all 14 cities saw an increase in the list price per square foot, and 12 of the 14 cities saw a decrease in inventory year-over-year. List price per square foot increases for these 14 cities ranged from 3.5% at the low end (Salem, Oregon) to 28.6 percent at the high end. Los Angeles has experienced the greatest increase in the list price per square foot in the past 12 months (June 2012 to June 2013) — rising by 28.6 percent, or from $336 to $432. Followed by San Diego with a list price per square foot increase 20.8 percent. (See table below.)

So, how does the Reno-Sparks market compare to these pacific coast cities? Comparing median list price per square foot for the same period used in the Movoto analysis (June 2012 – June 2013) I see that 669 houses were listed for sale in June 2012. These listings exhibited a median list price per square foot of $101.85. In june 2013, 716 houses entered the market exhibiting a median list price per square foot of $128.03. This equates to a year-over-year increase of 25.7 percent — placing Reno-Sparks in the #2 position on the list behind Los Angeles.