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Is Somersett Real Estate Heating Up? Oh yeah!

Posted by Jeff Sallan on Friday, February 1st, 2013 at 4:03pm.

So with all the news about short supply and rising prices in the local housing market, we thought it would be a good time to review and compare January 2012 to January 2013 with regards to the Northern Nevada MLS Area 122, which includes all of Somersett in northwest Reno.

In January 2012, we saw 13 home sales (5 bank owned, 5 short sale and just 3 non-distressed). The median sales price was $248,130 and the median days on market (DOM) was 139.

One year later, January 2013, and we coincidentally have 13 sales again; however this year only 1 bank owned, 1 short sale, and 11 non-distressed. The median sales price was $324,421 and the median DOM was 117.

This comparison is very encouraging. Not only is there a sharp decrease in the number of short sales and bank owned sales, but the median sale price is up nearly 31% year over year, while the median days on market is down 18%.

As of this writing there are only 26 available homes in the Somersett area, ranging from a low of $167,000 to a high of $2,379,000. Of these, only 4 properties are distressed (bank owned or short sale). The remaining 22 homes are non-distressed listings. To see what’s on the market in Somersett, click here.

The value of your home may be much better than you expect. If you would like a confidential market analysis and discuss your ability to sell in today’s market, please contact us.

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