So with all the news about short supply and rising prices in the local housing market, we thought it would be a good time to review and compare January 2012 to January 2013 with regards to the Northern Nevada MLS Area 122, which includes all of Somersett in northwest Reno.
In January 2012, we saw 13 home sales (5 bank owned, 5 short sale and just 3 non-distressed). The median sales price was $248,130 and the median days on market (DOM) was 139.
One year later, January 2013, and we coincidentally have 13 sales again; however this year only 1 bank owned, 1 short sale, and 11 non-distressed. The median sales price was $324,421 and the median DOM was 117.
This comparison is very encouraging. Not only is there a sharp decrease in the number of short…