Thanks to the Reno/Sparks Association of Realtors for the updated market stats.

You can view the whole report here… February 2015 Market Stats

Below is an overview of the important points with my commentary in italics.

• The median sales price jumped from $252,000 in January to $265,000. Back up to the late 2014 numbers. Normal change coming from the holiday months. Plan on this number not dropping too much in the coming months. 
• The median sales price for regular sales is $274,995 and short sales $252,600. A major jump in short sale median price. The banks are staying tighter with their pricing.
• Sold price per sqft. dropped a little to $145. Many of the newer area markets are getting into $170 per sqft.
  
• Number of units sold rose barely to 383 from 363 in January but at the same mark as last year. We’re still low on inventory but the buyer demand is there.
• Average days on market for regular sales are 96. That’s about 60 days of market time before getting a contract. Though homes that are priced right are still getting multiple offers and selling within a few days.
• New listing hit 509. Up from 433 in January but down from February 2014. Once again we don’t have enough homes for the buyers out there looking.
• Months supply of inventory dropped to 3.6 months. Meaning, if no new houses come on the market we will run out of homes in 3.6 months. This is a seller’s market.

 
To search for homes visit RickyBeach.com

To get your home’s value visit HomeValuesOfReno.com

To stay up to date on your neighborhood visit RenoSnapShot.com.

If you have any specific questions email me at Ricky@RickyBeach.com