Let’s take a look at the Market Profile Reports for Reno/Sparks and for Truckee/North Lake Tahoe.
Reno/Sparks Market Profile Report
Average Sales Price and Median Sales Price for homes are still on the rise, although the Average Price per Square Foot is holding pretty steady. The condo market inventory continues to remain very low and it is affecting the prices. The majority of condo sales are all cash, with little government financing showing up as a financing option.
Truckee/Lake Tahoe Market Profile Report
As expected, single family home inventory is increasing whereas condos/townhomes are remaining fairly constant. Inventory of homes has increased by 25% in the past 3 months but the number of homes sold in April doubled over what sold in January. Another sign of a recovering real estate market is certainly evidenced by median sales prices, as both homes and condos have increased by over 30% since January.