The median sales price for single family homes sold in May experienced a 4.6% increase, to $285,000, from April, 2015. The median sales price for condos stayed the same from April to May at $125,000.
While there was a decrease of 7.6% for the number of condos sold from April to May, there was a slight increase of 2% for the number of homes sold over that same time span. It is worth noting that May 2015’s unit sales are the second highest in history for the month of May, exceeded only by May, 2005, which was the height of the real estate boom.
All of these numbers combined to help reduce the overall supply of available homes. According to the Reno Sparks Association of Realtors, there were 3 months of unsold home inventory at the end of May. However, this calculation includes some homes that are in contract. When we look at only homes that are available to make an offer on, the available inventory slips to just over 30 days for homes and condos.
If you’re interested in selling your home, contact us so we can set up a free property evaluation. If you’re interested in purchasing a home, we will help you find a home that is perfect for your lifestyle and budget.