Let’s take a look at Median Price and Days on Market trends over the past 6 months in the greater Reno-Sparks area for single family home sales.
“Median” means “in the middle”, with half of homes selling for more and half selling for less. According to the Reno-Sparks Association of Realtors, the median price decreased from $377,250 in November to $362,000 in December. A better indicator of market health however, is to look at the annual trend, which is up by almost 5% since December of last year. This year-over-year change highlights the continued supply and demand struggles for housing in the region.
The Average Days on Market increased in December to 94 days. A longer time on market is typical at this time of the year, and is welcomed especially by buyers. This increase puts us at 3 days higher than we were in December 2017, but is actually more in line with our typical Days on Market in prior years.
Why is this information important to you? For sellers in many neighborhoods and price ranges, the strong buyer demand make this an excellent time to consider selling now.
For buyers in a fast paced market, ask Sallan Real Estate to help you get pre-qualified with a mortgage lender before you start looking at homes. Then, you’ll be prepared to act quickly when you find the right house to call “home”.