May, 2016, brought us some significant housing market news, with a new milestone set for median sales price.
The slow and steady increase of available listings for sale continued in May, where we ended the month with 1,988 homes for sale. This is territory that we have not experienced since last summer’s peak selling season. If the trend continues, as it normally does this time of year, it should bring some relief to buyers who have struggled over the past few months to find a home to purchase.
When there are more homes available for sale, then the number of homes sold each month follows. And that is exactly what has been happening for the past several months. In May, Reno/Sparks area REALTORS sold 582 homes, confirming what we have been reporting; that demand is very strong for homes in our region.
The median sales price in Reno/Sparks set a new milestone in May, with a high of $310,000. This was a 5% increase over the prior month, and a 9.3% increase over May, 2015. National and local housing industry experts agree that we are not heading for a bubble. Rather, the increase in price is being fueled by strong demand, low mortgage rates and job growth in the region.
Average Days on Market in May continued to decline to a blistering fast 78 days! Only one other month since May, 2011, has had an Average Days on Market lower. As we approach the end of the school year and the traditional moving season, we expect the Days on Market to remain low. The fast pace of sales further magnifies the need to be pre-qualified for a mortgage prior to starting a home search
Knowing what to do when buying or selling a home can be a challenge. Having a market expert on your side is an invaluable asset. As your Dickson Realty agent, I can help provide you with up-to-the-minute information about what is selling in your neighborhood. That can give you a definite edge.
Please contact me for more market statistics or information about your home. Email firstname.lastname@example.org or call 775-453-4568.