Let’s review the Reno-Sparks real estate market, comparing month over month activity from June to July 2017, and comparing year-over-year to July 2016.
According to the Reno Sparks Association of Realtors, the Median Sold Price for single family homes and condos in the Reno/Sparks area increased by 6.6% to $339,900 through July. When we compare this price to a year ago, we see a 14.1% increase. The sustained demand and low inventory will continue to drive prices up in the near term. If you are thinking of selling, now is a great time, as lower inventories mean less competition for the homes currently for sale.
The number of homes sold decreased by 17.3% in July, with 730 sales versus 883 in June. June 2017 was a record setting month for the number of homes & condos sold in any month. It would be difficult to sustain June’s volume of sales without a corresponding increase in the number of new homes coming onto the market. Despite the decrease in month over month sales, it’s positive to note July’s activity was 3.5% higher than last year at this time.
There were 756 new listings on the market in July, which was a significant decrease from the 961 in June. There was also an 11.7% decrease in the number of new listings in July 2017 than the 856 in July of last year. We expect a strong seller’s market to remain until more new listings in affordable price ranges are offered for sale in the region.
As we look at the Inventory numbers, there were 2,295 homes available for sale at the end of July, which was a slight 3.2% decrease from the 2,371 on the market in June. Comparing year over year, a 16.5% decrease was realized in inventory of homes for sale in Reno and Sparks. A Dickson Realty neighborhood expert can help demonstrate how the demand for your house will be strongest at times when there is less competition, which can often lead to a shorter time on market and possibly a higher sale price.
What does all this information mean to you, and why should it matter if you are a home buyer or seller? The low housing inventory and our region’s economic growth will drive home prices up. We still have very low mortgage rates, which will contribute to a steady stream of home buyers. As prices increase, concerns of affordability will continue to make headlines.
Whether you are buying or selling, talk to a Dickson Realty neighborhood expert first. Dickson Realty agents have the industry’s best tools, training and innovative technology to stay in tune with the market. Our experience can help you buy or sell at the best price.
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, Lake Tahoe market, and we’ve been assisting buyers
Dickson Realty Market News August 21, 2017 from Dickson Realty on Vimeo.
