MOVING INTO STABILITY is how I summarize the overall home sales market for the last year. While our median and average sales prices here in the Highlands continue to make strong showings, the number of actual home sales overall is down significantly. We’ve seen some price reductions across the board which is also indicative of a slowing market. As I predicted in my last newsletter about this time in 2015, the market for single-family homes is leveling off, and I think that is healthy for long-term value sustainability. Interest rates continue to remain low and the nation-wide buzz about Northern Nevada’s growth continues to be high.
REO and Short Sale activity ticked up a bit in 2015 likely due to the 10 year ARM’s coming due that were so popular in 2004 & 2005.
I’m optimistic about the market sustaining value and moderately increasing over the next several years. Land sales are starting to pick up a bit – as you can see on the charts on page three, we had some dismal years of land sales from 2008 until last year. The most relevant number on the land sales charts is the median price – as you can see the high & low fluxuate wildly, and some of the higher-priced land sales have had improvements on the property like well & septic. We’ve seen an increase in activity in land sales, but the prices are not yet reflecting an increase in value… yet. It is still a buyers’ market for vacant land, so if you’ve been thinking of investing in a piece of land, now is probably the time!
For the 5th year in a row, I continue to sell more property in the Highlands than any other agent or team. CONTACT ME if you are thinking of buying, selling, or you’re simply curious about the value of your property in today’s market. Spring is just around the corner, Highlanders— we made it thru the winter!
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