Market Report - DOM and Median Price - Reno/Sparks
What’s going on with Median Price and Days on Market in the greater Reno-Sparks area? “Median” means “in the middle”, so one-half of homes sold at a lower price and one-half of homes sold at a higher price. These statistics exclude Condo sales and focus only on single family home sales activity in the region.
The median price remained unchanged at $374,000 from April to May. A better indicator of market performance is the year-over-year change. When we compare May 2018 to 2017, we experienced an 11.6% increase in median price. Strong demand for housing and a low inventory of available homes in the market should keep the median price in an upward trend for the foreseeable future.
The Average Days on Market decreased by 6.5% from 77 days in April to 72 days in May. It is also 22% lower, or 20 fewer days, than the Average Days on Market in May 2017. This statistic has been in a downward trend since the beginning of the year, and we have not experienced a market with this pace for many years.
Why should this information matter to you? For home owners in many neighborhoods, the strong buyer demand and constrained inventory make this an excellent time to consider selling now.
For home buyers in this fast paced market, I can help you get pre-qualified with a mortgage lender before you start looking at homes. Then, you’ll be prepared to move quickly when you find the right house to call “home”.
Please contact Sallan Real Estate for more market statistics or information about what is happening with real estate in your neighborhood.