Reno/Sparks area Realtors sold 670 single family homes in May, which was a 26% increase from April and a 16.5% increase since May of last year. May was the fourth consecutive month with an increase in sales after a relatively slow start to the year.
There were 1163 homes active on the market at the end of May, which was a 20% increase from April, and a 32% increase from May 2018. Over two-thirds of the available homes for sale on May 31st were priced below $600,000.
The median sold price for single family homes in Reno/Sparks rose by 4% over April, to $390,000. This was the third consecutive month of median price increases in the region. “Median” means “in the middle”, so half of homes sold for less and half sold for more. An annualized upward trend in median price is expected for the foreseeable future.
Average Days on Market for homes sold decreased to 80 days in May. Last year at this time, days on market was 14% lower at 70 days. The Days on Market that we see today represents a fast paced market. It is important to be pre-qualified with a lender before looking at homes to buy. Pre-qualification will help ensure you are prepared to make an offer when you find the perfect house to call home.
Whether buying or selling in today’s complex real estate market, contact a Dickson Realty expert real estate agent to help you buy or sell at the best price.