In April, the median price for the Reno-Sparks region was $272,500. This is a 7% increase over January, and an 18% increase over April, 2014. According to statistics by the Reno-Sparks Association of REALTORS, the median price has seen a steady recovery since the bottom of the market in January, 2012, but is still 25% off the peak of the market in January, 2006.
The median sales price for homes sold in April experienced a nearly one percent increase from March, 2015, and an 18% increase over April, 2014. For Condos, the median price increased 13.6% from March to April.
The number of Homes and Condos that sold also increased in the month of April. While the average days on market was slightly lower for April, it has been fairly stable for the past several months.
All of these numbers, combined to help reduce the overall supply of available homes to purchase. According to the Reno Sparks Association of Realtors, inventory was 2.9 months of unsold homes at the end of April. However, this calculation includes homes that are in contract. When we look at only homes that are available to make an offer on, the
In May, the total number of single family home sales in the greater Reno Sparks area was up 3.5 percent from April. The median sales price of $284,950 in May is at its highest point over the past six months, marking a 5.1 percent increase from April and a 20 percent increase since May, 2014.
There was an increase in the number of homes available for purchase in May, totaling 881 as of the beginning of the month. This development bucks the trend of decreasing available listings, where we saw available listings decrease each month since December 2014. Typically inventory levels begin to rise as we get further into spring, and we definitely reached that place in the market at this point in May. Also, the outlook for more new home construction is positive
Having a vacation home may sound exciting. Being able to take a quick weekend trip or a long summer stay to your second home can be convenient and more comfortable than booking a hotel stay or renting a vacation home. There are so many vacation friendly activities to do in Reno, with hiking and biking trails readily available, dozens of events and performances in the area, and Lake Tahoe just a quick drive away. Reno is a great place to own a vacation home. But, before you apply for the loan or begin your home search, consider these 6 tips.
1. Spend Lots of Quality Time There. Unlike hotel stays or timeshares, buying a vacation home takes more commitment. Be sure you absolutely love the location, the local activities and the weather before you commit
In April, the total number of single family home sales in the greater Reno Sparks area was up 3% from March. While the median sales price decreased slightly from March, it has increased 7 percent from January, to $271,000.
The number of homes available for purchase continued to decrease in April to 651, down from 797 in January. Typically inventory levels begin to rise as we get further into spring, and we are already seeing more homes come onto the market in May. Also, the outlook for more new home construction is positive as we head into the peak building season, which should provide some relief for our region’s constrained inventory.
April’s average days on market was 95, which is a slight increase from March. The average days on market has been
If you’re in the market to purchase a home in the $10,000 to $600,000 price ranges, we will work closely with you to give you the best chance of having your purchase offer accepted by a seller. If you are getting a loan, you will also work closely with your lender for pre-approval and throughout the loan process.
If you are selling in these price ranges, we can help you prepare for possible multiple offers and help you negotiate the best deal on the sale of your home.
Now let’s look at sales through April 26th. 67% percent of all closed sales since January 2015 were in the under $300,000 price range! For perspective, nationally 40% of sales were in this price range. 28% of all closed sales were in the $301,000-$600,000 range; 3% of closings were for