The Hot Real Estate Market Has Continued Through July
Reno/Sparks area REALTORS sold 558 single family homes in July, which was 39 fewer than June and a 13% decrease in sales compared to this time last year.
The number of available homes went up slightly from June to July, with 1091 homes active in July, but is down by about 5% when compared to July, 2017. With fewer listings year over year and continued growth in the region, the economics of supply and demand are impacting the median price and days on market.
July’s median sold price for single family homes in Reno/Sparks increased 2% or $7,500 to $389,500 and is a 9.7% increase over July of 2017. “Median” means “in the middle”, so half of home sold for less and half sold for more. An upward trend in median price is expected to continue for the foreseeable future.
Average Days on Market for homes sold increased slightly by 3 days from June to July to 70 days. At this time last year, days on market was 12.5% higher, or 80 days.
If you are trying to buy or sell in a highly competitive market like we are experiencing, you should consult an expert agent at Dickson Realty who has the experience to help you buy or sell at the best price.