May 2014 Housing Market Update for Reno and Sparks
In the Reno/Sparks housing market, May 2014 prices rose 8.5% when comparing to May, 2013. The May, 2014 median price was $236,500 compared with $218,000 in the same month a year ago. Median price is defined as the mid-point, where, for the time period identified, the price for one-half of the sales are higher and one-half are lower
Inventory of available homes for sale dropped 12.2% year over year. The lack of inventory helped reduce the number of sales by 2.2%, but also reduced Average Days on Market by 7.6%. The average days on market in May, 2013, was 109, compared to just 100 days in May, 2014. Fewer days on market is a positive for Seller’s.
Another positive statistic is the 46% decline in distressed property sales, those that are either bank owned or going through the short sale process.
The acceleration in median price has slowed in comparison to the rapid increase that occurred in 2012 and early 2013.
The major problem in the market continues to be low inventories of available homes. Buyer demand and low inventory keep the Reno and Sparks areas in a Seller’s market. With the lack of inventory at the entry-level, sellers with equity and a willingness to price their home competitively may be experiencing an excellent time to sell.
If you’re thinking of selling or buying, we’re here to help! Contact an experienced Dickson agent today or visit us online at DicksonRealty.com.