June 2014 Housing Market Update for Reno and Sparks
In the Reno/Sparks housing market, June 2014 prices rose an amazing 11.1% when comparing to June, 2013. The June, 2014 median price was $250,000 compared with $225,000 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 17.7% year over year. The lack of inventory helped reduce the Average Days on Market by nearly 6%. The average days on market in June, 2013, was 94, compared to just 89 days in June, 2014. Fewer days on market is a positive for Seller’s.
The acceleration in median price has slowed in comparison to the rapid increase that occurred in 2012 and early 2013, although fewer new listings and continued strong buyer demand is expected to contribute to more price increases in the lower end of the market.
The major problem in the market continues to be low inventories of available homes. The number of new listings in the month of June, 2014 is down 6.3% when compared to a year ago. An abundance of buyers 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.