February 2018 Reno-Sparks Market Report
Prices hit their highest levels ever, according to the February 2018 Reno-Sparks Market Report. High buyer demand and low inventory continue to drive prices up. Until more homes are built or people actually start leaving the area, this may continue to be the case for a while to come.
February 2018 Reno-Sparks Market Report
February 2018 Reno-Sparks Market Report – Sale Prices
The Reno/Sparks Association of REALTORS@ reported an average sale price of $370,000 for Reno-Sparks homes sold in February 2018. That denotes a 15.8% rise from last February’s average of $319,470. It also showed a 2.8% increase over January’s $360,000 average. This marks the highest reported average sale price in the Reno-Sparks real estate market ever. The price-per-square-foot saw a 15.5% hike, going from $176 in February 2017 to $203 in February 2018. Buyers pay the most on average in Suburban Southwest Reno at just over $800,000. The lowest average sale prices can be found in the North Valleys area and Sparks at roughly $286,000 each.
February 2018 Reno-Sparks Market Report – Total Sales
Total sales disclosed in the February 2018 Reno-Sparks Market Report went up as well. While February 2017 noted 386 total homes sold in the Reno-Sparks market, last month’s total sales rose 11.1% to 429. That also showed a 5.9% increase from January’s totals. New listings experienced a 2.9% uptick from last February, going from 517 in 2017 to 532 in 2018. While buyers want to see more new listings come in, pending sales narrowly exceeded new listings, with 536 pending sales reported in February 2018. Buyer demand continues to outpace available inventory.
February 2018 Reno-Sparks Market Report – Inventory
Speaking of inventory, it remains extremely tight. Last February, the Reno-Sparks market reported 1,038 units of active inventory. Last month, that number fell 47.9% to just 541. That dropped the months available from 2.7 to just 1.3, which continued to favor the seller.
What Reno-Sparks Buyers Need to Know
The average days to contract averaged 34 in February 2018. Reno-Sparks homes remain on the market for just under three months before they are sold. Interest rates hover just above 4.5% right now. But experts believe we should expect them to go up to 5% or higher by the end of the year. That 0.5% difference in interest rates could cost you thousands of dollars over the life of your home loan. If you want to own a Reno-Sparks home, you need to act now. Talk to your Reno real estate agent to put together a plan of action today.
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