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 1.5% increase in median price from just under $370,000 in February to $375,000 in March. This price was 17.6% higher than March of last year, and 27.1%, or $80,000 higher than March 2016. These year over year increases highlight the strong demand for housing being driven by low housing inventory, low mortgage rates and continued 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 decreased by 7.8% from 90 days in February to 83 days in March. It is also 16.2% lower, or 16 days fewer, than the 99 Average Days on Market in March 2017. This number is typically a little higher at this point in the year, but the sustained demand and lack of inventory are the main contributing factors to the shorter times we are seeing on market now.
Why should this information matter to you? For sellers in price ranges below $600,000, the constrained inventory and strong demand make this an excellent time for us to talk about why you might consider selling now.
For buyers, we can help you get pre-qualified with a mortgage lender before you start looking at homes.
Please contact us for more market statistics or information about what is happening with real estate in your neighborhood.