RENO, NV – Reno-Sparks real estate saw strong steady gains in the first quarter of 2015, with a 16 percent rise in sales volume and four percent increase in units sold. The median price of a home in the region jumped 17 percent to $265,000.
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 March 31, 2015 to the same time period of 2014.
Reno saw more movement in the sale of higher end homes, with units selling for more than $1 million up 31 percent. Sparks accounted for the majority of movement of homes selling for less than a million, with a nine percent jump.
Sue Lowe, corporate vice president for Chase International, notes that Reno-Sparks has been showing strong gains for the past couple years, due in no small part to the lack of inventory and the area’s attraction of larger corporations and employment opportunities. Reno is on par with the rest of the nation. The National Association of Realtors (NAR) noted the Pending Home Sales Index, a forward looking indicator on contract signings, was up slightly in February, rebounding from a slight downward revision from January.
“Pending sales showed solid gains last month, driven by a steadily-improving labor market, mortgage rates hovering around four percent and the likelihood of more renters looking to hedge against increasing rents,” said Lawrence Yun chief economist for NAR. “These factors bode well for the prospect of an uptick in sales in coming months.”
Carson Valley experienced a whopping 24 percent jump in sales volume and 16 percent rise in units sold. The median price of a home in Carson Valley is up an impressive 16 percent to $291,000.
About Chase International
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 310 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.