Market activity in the Reno/Sparks area for Single Family homes in November 2016 was mixed. Let’s take a look at the details.
There was an 18% decrease in available inventory of homes when comparing October to November. This was the third consecutive month of decreases in inventory, which is consistent with the typical trend as we enter the holiday season and winter months. In November, Reno/Sparks area REALTORS sold 518 single family homes, which was 3% more homes sold than in October. Although this metric has been bouncing up and down for most of this year, the number of sales this November is 23% greater than November of last year.
The median sold price in Reno/Sparks ticked up very slightly, back to $310,000. Our median price has been hovering at or near this number for several months. Year over year, the median price remains up 5.6%. When comparing to November 2014, median price is up 19.2%; the result of strong demand, low mortgage rates and sustained job growth in the region.
Average Days on Market for homes sold in November rose slightly, from 92 days in October to 97 days. It is typical to start seeing longer market times this time of year, as we head into the holiday and winter season.
Why should this information matter to you? When looking to buy or sell a home, understanding the trends and seasonal changes in the market can be a challenge. Having an expert and professional Realtor on your side is a valuable asset. We can provide you with up to the minute information about local prices and trends to help you negotiate the best deal.