NOW HERE’S SOME EXCITING MARKET NEWS ABOUT THE RENO/SPARKS HOUSING MARKET FROM THE EXPERTS AT DICKSON REALTY.
April 2016 brought us some significant housing market news, with new records set across multiple categories in our active and sold inventory.
There were 1,750 available listings at the end of April 2016. Although we have had a steady increase in the number of available listings since December of last year, the available listings are down 14% from March of 2014.
The 6-month trend of sold properties has been like a roller coaster, with 527 homes sold in April, a high of 577 sold in March and a low of 368 in February. This trend follows the trend of New Listings. In the months where more homes are listed, we see a similar uptick in homes sold. More evidence that demand is very strong, especially in price ranges below $600,000. As buyers continue to outpace sellers, the need for new construction is increasingly necessary.
Although the median sales price dropped by $1,000 from March, to $294,000 in April, we have had a steady overall increase in Median Sales Price year over year. The increase in price is being fueled by healthy economic and job growth in the region, rather than speculation. National and local housing industry experts agree that we are not heading for a bubble.
April’s average Days on Market was even with March, but down from the most recent peak of 115 in February. As we head for warmer months and the traditional moving season, we expect the Days on Market to decrease, especially if mortgage rates remain flat or decrease. The fast pace of sales further magnifies the need to be pre-qualified for a mortgage prior to starting a home search.
What do these statistics mean? All the ups and downs when buying or selling a home can be a challenge to understand. Having a market expert on your side is an invaluable asset. Your Dickson Realty agent can provide you with up to the minute information about local prices and trends to help you negotiate the best deal.
Trust the experts at Dickson Realty to get you the information you need, when you need it. We are the number one real estate company in the Reno, Sparks and Lake Tahoe market, and we’ve been assisting buyers and sellers in northern Nevada for over 40 years.
Dickson Realty Market Trends- Market News May 5, 2016 from Dickson Realty on Vimeo.
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