Let’s take a look at recent median price and days on market trends for the greater Reno-Sparks area.
By February 29, 2016, the median price for the Reno-Sparks region climbed back to $290,000, a mark our market has matched at multiple moments over the past year. This was a healthy increase compared to January, which marked a median sales price of $277,500. Overall, the market has hovered around $290,000 since July 2015.
The average Days on Market is displaying an overall trend in growth, capped by a mark of 116 days for February 2016. This equated to a percent increase of 11.5 % from January to February. While the average Days on Market fluctuates frequently throughout a calendar year, looking back to 2011 indicates an overall downward trend. The spike to 116 is a pretty rapid increase considering the all-time low of 78 Days on Market set in August 2015. The last time the market posted an average Days on Market higher than 116 was a mark of 129 set in January 2015.
Why should this information matter to you? For any sellers who have equity as a result of the increase in property values, the low inventory and high demand make this a great time to talk to a Dickson agent about how to sell now and for the best price.
Recent turbulence in the stock markets and the unsettled global climate is helping to keep mortgage rates at historic lows. This will help buyers who are looking to move up or enter the housing market for the first time. 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 to your Apple or Android phone. We update listing information every 30 minutes, so you will have the latest information in the palm of your hand.
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, and we look forward to helping you.
Dickson Realty Market Trends- Market News March 24, 2016 from Dickson Realty on Vimeo.
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