Reno Luxury Real Estate market
February sales volume did increase slightly, with another 31 resale homes sold when compared to January’s 363. February also saw a modest increase in the median sale price to $265, 000. 394 resale homes sold in February. New home sales were very strong however, and about 93 new homes closed in February. The average sales price dropped 3% mostly because of a rather poor demand in the luxury price range. Days on market also shrunk to 109 days, pointing to a strengthening market.
Distress sales are on the wane in our market with rising home prices and job stabilization. January distressed sales counted for 14% of sales. Most of the homes coming on the market now are “normal” sales.
Even though interest rates are still considered historically low, households need incomes of over $80, 000 to qualify to purchase the median priced home with a small down payment. That has created high demand for the bottom end of the area housing market.
394 resale homes were sold in February. The median sales price was $265, 000. The average sales price was $293, 551. Luxury home sales were slow in February, with only 3 homes selling for $900, 000 or more.
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Popular Q&A
Real estate Raleigh NC? | Yahoo Answers
I don't think North Carolina had as huge of a housing boom and the radical price increases that were seen in the past half-decade. Most local analysts have said they think that due to that, the housing "slump" that has hit most of the nation will have a much less strong impact here.
Especially in the Raleigh-Durham region, where the economy is still very strong and everytime you turn your head there's another article in the local paper about yet another company opening operations here and bringing new jobs.
If the home is in or near downtown, then the value is probably going to keep g…
