Let's review the Reno-Sparks real estate market, comparing month over month activity from August to September 2017, and comparing year-over-year to September 2016.
According to the Reno Sparks Association of Realtors, the Median Sold Price for single family homes and condos in the Reno/Sparks area decreased by 2.3% to $318,750 through September. Despite the small decrease, we see an 8.1% increase when we compare this price to a year ago. The sustained demand and low inventory will continue to drive prices up in the long term. If you are thinking of selling, now is a great time, as lower inventories mean less competition for the homes currently listed for sale.
The number of homes sold decreased by 20% in September, with 674 sales versus 842 in August. There was also a 6.8% decrease in the number of homes sold compared to September of last year. The low inventory in the price ranges below $600,000, where over 90% of sales occur, is the biggest contributing factor to this decrease in sales.
There were 649 new listings on the market in September, which was a 22.2% decrease from 834 in August. This number was also 18.5% lower than the 796 new listings in September 2016. We expect a strong seller’s market to remain until more new listings are offered for sale in the region.
As we look at the Inventory numbers, there were 1,090 homes available for sale at the end of September, which was a 9.6% decrease from the 1,206 on the market in August. A much more significant decrease of 40.7% was seen in the number of available homes for sale in Reno and Sparks when compared to September of last year. A Dickson Realty neighborhood expert can explain how the demand for your house will be strongest at times when there is less competition among sellers, which can often lead to a shorter time on market and possibly a higher sale price.
The Month’s Supply of Inventory for homes in Reno and Sparks increased very slightly in September to 1.6 months from 1.4 months in August, but decreased 36.4% from September of last year. This reaffirms that now is a time that homes can be sold in most price ranges, and sold quickly, for those considering selling and moving up to a price range where buyers have more control over the market.
What does all this information mean to you, and why should it matter if you are a home buyer or seller? The low housing inventory and our region’s economic growth will continue to drive home prices up. We still have very low mortgage rates, which will contribute to a steady stream of home buyers. As prices increase, concerns of affordability will stay in the headlines. For up to the minute information on the local Reno and Sparks real estate market, contact us at 775-453-4568.