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We take a look back at January 2019 and the trends we see in the Reno/Sparks Real Estate Market. We have been seeing the median home price decline over the past few months, but the price per square foot has increased. From this information, we analyze these trends and tell you what to expect in the coming months.

In this video, we take a look at a couple of the charts from last month. First, we take a look at the graph that the media always reports; median price for homes:

This graph shows there has been a decline in the median home values over the past few months. This means that half the 317 homes sold last month are higher than $360,000 and half of the homes sold are below $360,000. Most reporting stops at this.

The next graph of interest is the price per square foot of the homes sold:

This graph shows that there has been an uptick in the price per square foot of homes sold. From these two graphs, we have determined that a lot of the homes sold last year were first-time buyer homes. This means there are a lot of move-up buyers. These are buyers that have sold their starter home and are moving up to something bigger, and usually more money.

Over the next few months we predict that the median home price will increase because of these move-up buyers.

For more information on the data we are using in this video, please visit the Reno/Sparks Association of Realtors website at www.rsar.net.

February 2019 Market Update