Let’s take a look at recent median price and days on market trends for the greater Reno-Sparks area.
In May, the median price for the Reno-Sparks region was $285,000, the highest mark over the past 12 months. This amounts to an 8.8% increase from December 2014 and a 4.6% increase from April. Perhaps most impressive is the astonishing increase of 18.8% from May 2014 to May 2015. According to statistics by the Reno-Sparks Association of REALTORS, the median price has seen a steady recovery since the bottom of the market in January 2012, but is still 23 % off the peak of the market in January 2006.
The average days on market for May was 92 days, a slight uptick from April, which marked a days on market measure of 91 days. This places May 2015 in the top 25% of lowest days on market values over the past 12 months. Although this variable seems to fluctuate over the past couple of years, the days on market of May 2015 remains significantly lower than the average days on market values from 2007-2013.
What does this information mean to you? Well, our local market has remained consistently in a seller’s market for more than two years. Interest rates, although rising slightly, are expected to remain at historical lows for another couple of months, 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, the time may be right to talk to a Dickson agent.
If you are in the market to purchase, you can be one of the first to know about new listings by visiting DicksonRealty.com. Or download our free mobile app, where we update listing information every 30 minutes, so you will 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.
Thank you to our segment sponsor, A&H Insurance.