NOW HERE’S SOME EXCITING NEWS ABOUT THE RENO/SPARKS HOUSING MARKET FROM THE EXPERTS AT DICKSON REALTY.
May 2016 brought us some significant housing market news, with a new milestone set for median sales price.
The slow and steady increase of available listings for sale continued in May, where we ended the month with 1,988 homes for sale. This is territory that we have not experienced since last summer’s peak selling season. If the trend continues, as it normally does this time of year, it should bring some relief to buyers who have struggled over the past few months to find a home to purchase.
When there are more homes available for sale, then the number of homes sold each month follows. And that is exactly what has been happening for the past several months. In May, Reno/Sparks area REALTORS sold 582 homes, confirming what we have been reporting; that demand is very strong for home in our region.
The median sales price in Reno/Sparks set a new milestone in May, with a high of $310,000. This was a 5% increase over the prior month, and a 9.3% increase over May, 2015. National and local housing industry experts agree that we are not heading for a bubble. Rather, the increase in price is being fueled by strong demand, low mortgage rates and job growth in the region.
May’s Average Days on Market continued to decline to a blistering fast 78 days! Only one other month since May, 2011, has had an Average Days on Market lower. As we approach the end of the school year and the traditional moving season, we expect the Days on Market to remain low. 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’ve been assisting buyers and sellers in northern Nevada for over 40 years, and we are the number one real estate company in the Reno, Sparks and Lake Tahoe market.
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