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 2.8% increase in median price from $360,000 in January to $370,000 in February. This price was 15.8% higher than February of last year, and 28%, or $80,000 higher than February 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 11.8% from 101 days in January to 89 days in February. It is also 23% lower, or 26 days fewer, than the 115 Average Days on Market in February 2017. We typically see this number increase higher in the winter, 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? 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.