Let’s review the Reno-Sparks real estate market, comparing month over month activity from July to August 2017, and comparing year-over-year to August 2016.
According to the Reno Sparks Association of Realtors, the Median Sold Price for single family homes and condos in the Reno/Sparks area decreased by 2.8% to $329,450 through August. Despite the small decrease, we see a 13.9% increase when we compare this price to a year ago. 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 listed for sale.
The number of homes sold increased by 6.8% in August, with 796 sales versus 745 in July. There was also a 12.4% increase in the number of homes sold compared to August of last year.
There were 811 new listings on the market in August, which was a 4.4% increase from the 777 in July. The number of new listings in August however, was still 14% lower than the 943 new listings that came on the market in August 2016. 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 2,213 homes available for sale at the end of August, which was a 4.4% decrease from the 2,314 on the market in July. A much more significant decrease of 21.4% was seen in the number of available homes for sale in Reno and Sparks when compared to August of last year. A Dickson Realty neighborhood expert can help demonstrate how the demand for your house will be strongest at times when there is less competition among sellers, which can often lead to a shorter time on market and possibly a higher sale price.
The Month’s Supply of Inventory for homes in Reno and Sparks decreased by almost 17% during the month of August to 1.4 months. This number is almost 50% lower than the 2.6 Months Supply of Inventory that we had in August of last year. This reaffirms that now is a time that homes can be sold in most price ranges, and sold quickly, for those considering selling and moving up to a price range where buyers have more control over the market.
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 and sellers in northern Nevada for over 40 years.
Dickson Realty Market News September 18, 2017 from Dickson Realty on Vimeo.
