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 4.3% increase in median price from $345,000 in December to $359,950 in January. This price was 19.2% higher than January of last year, and 29%, or $80,950 higher than January 2016. These year over year increases highlight the strong demand for housing being driven by low housing inventory, continued low mortgage rates and 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 increased by 5% from 94 days in December to 99 days in January. Although it has increased, it is still 8% lower than the 108 Average Days on Market in January 2017. We typically see this number increase higher in the winter, but the sustained demand and lack of inventory combined with our mild winter weather are the main contributing factors to the shorter times we are seeing on market now.
Why should this information matter to you? With fewer homes on the market and faster sell times, there is less competition for sellers of homes in many neighborhoods. For sellers in price ranges below $600,000, the constrained inventory and strong demand make this an excellent time to meet with us about why you might consider selling now.