Let’s take a look at Median Price and Days on Market trends over the past 6 months for single family homes in the greater Reno-Sparks area. These statistics exclude Condo sales and focus only on single family home sales activity in the region.
According to the Reno-Sparks Association of REALTORS, the Reno-Sparks area experienced a 2.3% decrease in median price from $353,000 in November to $345,000 in December. This price was 15% higher than December of last year, and 19.2%, or $55,500 higher than December 2015. These year over year increases highlight the strong demand for housing being driven by low housing inventory, continued low mortgage rates and economic growth. We anticipate the median price will continue to increase in the long term, especially in the most affordable price ranges that fall below $600,000, where over 90% of home sales occur.
The Average Days on Market increased by 9.3% from 86 days in November to 94 days in December. This marks the first time the Average Days on Market has been above 90 days since May 2017. Although it has increased, it is still 13% lower than the 108 Average Days on Market in December 2016. We typically see this number increase in the winter, but the sustained demand and lack of inventory are the biggest contributing factors to the shorter times we are seeing on market now.
Why is this information important to you? With fewer homes on the market and faster sell times, there is less competition for sellers of homes in many neighborhoods. For sellers in price ranges below $500,000, the constrained inventory and strong demand make this an excellent time to meet with your Dickson Realty agent about why you might consider selling now.
For buyers, mortgage rates are still low, but increases in mortgage rates could come at any time. Your first steps in the buying process should include talking with your Dickson Realty agent to help you get pre-qualified with a mortgage lender before you start looking at homes. Then, be one of the first to know about new listings by visiting our award-winning website, DicksonRealty.com. We update listing information several times each day, so you will have the latest information at your fingertips.
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. We’ve been assisting buyers and sellers in northern Nevada for over 40 years. Visit one of our offices or call your Dickson Realty agent today.
Dickson Realty Market News January 29, 2018 from Dickson Realty on Vimeo.
