For the Reno/Sparks areas, active inventory was up 8% and number of sales was up 6% over the previous month. But average price, median price, and median price per square foot were up only 2% each over the previous month. Condos were a bit skewed with a high priced condo sale so the numbers are slightly off. Is this a sign of the market slowing down? All indicators reflect an upward trend in all areas even though very minimal last month. The slow season is just around the corner but we expect prices to increase, even if just slightly. Still, with the number of buyers currently in the market and with prices as well as interest rates going up, the time to buy is now!
Truckee/No. Lake Tahoe Report
Sales of single family homes were up 17% over last month, with average prices up 22% and median prices up 15% over July. Average price per square foot rose as well, up 13%. Condos/townhomes were up in all of these categories as well. Inventory for single family homes was down slightly, less than 1%, but that is expected to drop further as more sales occur in the next couple of months, with limited new inventory expected to come on the market before springtime.
With the abundance of buyers currently in the market and with prices as well as interest rates going up, the time to buy is now!
If you’re thinking of buying or selling your home, contact a Dickson Realty agent today.