In a report issued today by the Reno-Sparks Association of REALTORS the median sales price in the Reno-Sparks market for November 2012 was $182,500 which is up 22.5% over the median price in November 2011 of $149,012. This comes on the heels of increased buyer demand and a 25% decrease in the number of new listings coming on the market from the same time last year. With the decrease in inventory we are seeing more competition for the listings that due come onto the market. It is a simple case of more demand than supply. The months supply of inventory is down year over year from 6.4 months of inventory in November 2011 to 3.9 months in November 2012. A balanced market is 6 months of inventory and with only 3.9 months of available inventory we are clearly seeing a seller’s market.
On the bright side 58% of the new listings entering the market are not distressed (short sale or REO). With 49% of the home mortgages in the Reno-Sparks market underwater this increase in home values is a good thing. If you have considered selling your home but aren’t sure you could sell now is the time to contact me. I can provide a market analysis and estimate the net proceeds a sale might bring you. Amy Shocket. 775-815-7627. email@example.com