RSAR Monthly Market Report – December 2014

The Reno/Sparks Association of REALTORS^® has released its real estate market report for December 2014. Click on the report below to access the entire report — including new “Housing Affordability Index” charts on pages 27 and 28.

Summary from December’s report…

• “The past year saw the lowest number of first-time home buyers in decades,” said Dave Hansen, 2015 president Reno/Sparks Association of REALTORS^®. “While renting can be a good choice when saving for a down payment, recent findings show that homeownership is still the better deal. The cost of renting is rising faster than any other time in the last six years, according to the Bureau of Labor Statistics, and rental inventory stands at a 20-year low. We believe that because of this, first-time home buyers will be more active in the 2015 housing market, freeing up some of that rental inventory.”
• December 2014 median price was up 0.8% to $262,000 compared to $260,000 in November 2014 and up 12.9% compared to $232,000 in December 2013.
• December, 2014 units sold was up 6.6% to 501 compared to 470 in November, 2014 and up 1.6% compared to 493 in December 2013.
• As predicted new listing inventory dipped to a seasonal low of 281.
• Annual sales for 2014 were down 2% or 134 units compared to 2013 annual sales.
• The December sale to listing price ratio was as 98.3% and has remained between 98% and 98.5% for the past six months.
• The market remains in a seller’s market at 2.7 month’s supply of inventory, the lowest in history. The Reno market has remained consistently in a seller’s market for 24 of the past 26 months.
• With an uptick in sales in December as the year closed, and low new listing inventory numbers, it’s no surprise that the Month’s Supply of Inventory is at a historical low.
• The unemployment rate continues to decline. Washoe county annual average unemployment as of November is down to 7.4% compared to 9.6% in 2013.

related post: RSAR Monthly Market Report – November 2014