The Reno-Sparks Association of REALTORS reported today that June’s median sales price came in at $170,000. This is up 10.4% from June 2011 when the median price point was $154,000. This is also up from May 2012’s median price of $165,000, a 3.0% increase. The median had been hold pretty steady in the $148,000 to $155,000 range from June to December of 2011. January saw a large dip to $135,000 and since that time median prices have been rising pretty steadily.
Why you might ask? Simply put supply and demand. There is currently more demand in most price points in the Reno-Sparks market than there is supply of homes. This has created a more competitive situation for buyers who are trying to purchase homes with many facing multiple offer situations and over bidding.
The key for buyers given our current market conditions is to be sure they are working with an experienced agent.