The Reno-Sparks market saw more families become homeowners in December over the previous month and the general concensus is that we will see a strong January as well. Many agents are seeing more buyer activity this January than they have experienced in the past.
Bank owned sales and short sales continue to drive the market. This has led to a fairly significant decline in the median sales price. In December 2007 the median sales price in the Reno-Sparks area was $283,900 and this year it is $218,900. Looking for a bright side 21% more homes were sold this year verses last year in December.
Interest rates, declining prices and a large selection have really created some amazing opportunities for buyers. Still many are still waiting in anticipation of the market bottom. I just hope they don't blink and miss it.