More Growth Expected in 2015
ZEPHYR COVE, Nev. – Home prices in Reno-Sparks rose throughout 2014, with million dollar homes claiming a bigger piece of the market and subsequently pushing up the overall sales volume. The median price of home in Reno-Sparks rose 15 percent to $245,000 and the average price rose 12 percent to $290,302. Overall sales volume was up ten percent and homes selling for more than $1 million were up 15 percent.
The figures are part of a report released by Lake Tahoe-based real estate company Chase International, and compare the prices and closings from January 1 through December 31 2014, to the same time period of 2013. Sue Lowe, corporate vice president for Chase International, notes that Reno is right in line with national trends, as the country continues to rebound. As Reno continues to evolve, with larger companies and tech start ups making a home in Northern Nevada, sales of high-end luxury homes are becoming more common.
While prices did falter a bit in 2014, with units sold down two percent and homes selling for less than a million down three percent, 2015 is expected to improve. According to the National Association of Realtors (NAR), existing homes sales are expected to be higher this year and prices will remain at a healthier level of growth, benefitting both buyers and sellers.
“Home prices have risen for the past three years cumulatively about 25 percent, which boosts confidence in the market and traditionally gives current homeowners the ability to use their equity buildup as a down payment towards their next home purchase,” said Lawrence Yun, chief economist of NAR. “Furthermore, first-time buyers are expected to slowly return as the economy improves and new mortgage products are made available in the marketplace with low down payments and private mortgage insurance.”
Sales volume was up five percent in Carson Valley while units sold was down three percent. The median price of a home is $279,000 (up 11 percent) and the average price rose eight percent to $321,356.
Headquartered in Lake Tahoe, Nevada since 1986, with nine offices in the region (Zephyr Cove, Glenbrook, Incline Village, Tahoe City, Squaw Valley, Truckee, South Lake Tahoe, Carson Valley and Reno) and one in London, England, Chase International and its exclusive affiliations handle a large share of the country’s property. With 260 professional Realtors boasting an array of industry certifications and the highest volume per sales agent in the area, Chase International successfully represents homes at all price levels.
For more information about Chase International, visit www.chaseinternational.com.