Let’s take a look at recent median price and days on market trends for the Reno-Sparks area.
The median price for the Reno-Sparks region in February was $265,000 which was a 5% increase from January, and a 13 ½% increase over February of 2014. According to statistics by the Reno-Sparks Association of REALTORS, values have risen 96% since the bottom of the market in January 2012. From the peak of the market in January 2006, values are still off 27.4%.
Since September of last year, the average days on market has been increasing. However, the days on market dropped from 125 in January to 109 in February, a 13% decrease. This is also a 5% decrease from February 2014. It’s interesting to note that 75% of new listings taken in January are currently either sold or have a pending sale. A sign to potential buyers that properties are not remaining on the market long, and a sign to sellers, that homes priced right are moving quickly. The number of Days on Market historically declines through spring and summer.
Our local market has remained consistently in a seller’s market for 26 of the past 28 months. Interest rates are expected to remain at historical lows until mid-year, and are predicted to climb to approximately 5% by year end. For those sellers who have equity as a result of the increase in property values and are ready to relocate, move up or down-size, the time may be right to talk to a Dickson agent.
At Dickson Realty, our agents have the tools and technology to stay on top of the market and will help you buy or sell at the right price.
Be one of the first to know about new listings by visiting dicksonrealty.com or download our mobile app, where we update listing information every 30 minutes, so you can be sure to have the latest information.
Trust the experts at Dickson Realty to get you the information you need, when you need it. We’ve been assisting buyers and sellers in northern Nevada for over 40 years.