Let’s take an in depth look at the Reno-Sparks housing market activity, comparing April to March 2016 activity, and also to activity from April 2015.
According to the Reno Sparks Association of Realtors, the median Sold Price for single family homes in the Reno/Sparks area decreased by a modest 0.2% to $294,500 in April, 2016. When we compare April 2016 to April 2015, there was a healthy 8.3% increase, validating a strong market locally.
The number of homes sold, or Units Sold, declined from 577 in March to 547 in April. There was also a decrease in units sold of 3.5% when comparing year over year data.
There were 835 new listings recorded for April, which is just 68 more new listings than in March. Over a quarter of the new listings for April were in the sweet spot price ranges of $600,000 or below, where 95% of our sales occur. Although we are seeing an increase in new listings, the current demand for homes is outpacing the supply. We’ll continue to experience a strong seller’s market until new home developers start building more homes, and more people list their homes for sale.
As we look at the Inventory numbers, there were 1,751 homes available for sale in April; which was a slight decrease of just 1% from March, but a decrease of 6.3% from April, 2015.
All this information allows us to calculate the Months of Available Inventory, which remains historically low in the most active price ranges below $600,000. Overall, there was a 3.2 months’ supply of inventory in April, which is a 6.6% increase from March, and a 2.9% decrease compared to April 2015.
What does all this information mean to you as a home buyer or seller? The lack of inventory and our region’s economic growth will continue to drive home prices higher as we move toward our peak season. Low interest rates will also contribute to a steady stream of home buyers. As prices increase, concerns of affordability are starting to make headlines. If you are thinking about buying, now is the time to get pre-qualified for a mortgage and start your home search.
Whether you're buying or selling, working with a Realtor you trust is a good idea. We'd love to answer any questions you have and will happily provide references. Give us a call at 775-453-0209.