Let’s review the Reno-Sparks real estate market, comparing month over month activity from May to June 2017, and comparing year-over-year to June 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 very slightly through June to $318,000. When we compare this price to a year ago, we see a 7.6% increase. The continued 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 increased by 9.6% in June, with 857 sales versus 782 in May. There was also an increase of 12.8% when compared to the 760 units sold in June of last year. June was a record setting month for the number of homes & condos sold in any month. The previous record was set in June of 2005.
There were 935 new listings on the market in June, which was a small increase from the 927 in May. However, there were 1.9% fewer new listing in June 2017 than the 953 new listings in June 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 2,343 homes available for sale at the end of June, which was a slight decrease from the 2,363 on the market in May. Comparing year over year, a 13.8% decrease was experienced in inventory of homes for sale in Reno and Sparks. A Dickson Realty neighborhood expert can help demonstrate how demand for your house is strongest at a time when there is less competition.
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 continue to drive home prices higher. 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 and sellers in northern Nevada for over 40 years.
Dickson Realty Market News July 17, 2017 from Dickson Realty on Vimeo.
