By the end of March 2016, the median price for the Reno-Sparks region climbed to $296,000, which is the highest we have seen since the recession. This is a significant milestone for the Reno/Sparks market ever since the median sales prices began to hover around the $290,000 mark beginning July of last year. The new record for median sales price broke the previous record of $292,000 set in November 2015.
The average Days on Market recorded a mark of 93 days, which is a 19% decrease from the 115 Days on Market from February. The average Days on Market usually trends downward this time of year after peaking in the winter months.
Why should this information matter to you? For sellers who have equity as a result of the increase in property values, the low inventory and high demand make this a great time for a discussion about how to sell now, and for the best price, in many years.
For buyers, recent turbulence in the stock markets and the unsettled global climate is helping to keep mortgage rates at historic lows. If you are in the market to purchase, you can be one of the first to know about new listings by contacting us. We will set up a complimentary, custom home search that will update you with homes that match your criteria moments after they hit the market.
Call us at 775-453-0209 for more information or with any questions.