The Tahoe Daily Tribune reports that the median list price for homes in the Reno-Sparks market — $275,000 — is up by 25.1 percent over the median list price from a year ago. Meanwhile, the median sales price — $230,000 — has risen by only 12 percent over the same time period.
See the Tahoe Daily Tribune story here: List prices for Reno, Lake Tahoe homes rising sharply
Dont get me wrong, a 12 percent annual increase in home sales prices is huge, but home sellers appear to be pushing the pricing envelope with their optimism.
Pricing too high over the market may result in longer days on market and lower number of sales. I took a quick at May’s numbers and see that 519 houses sold during the month with a median days on market of 67 days. Compare these numbers to May 2013 when 541 houses sold with a median days on market of 64 days.