Market activity in the Reno/Sparks area for Single Family homes in March has shown that it is beginning to heat up, following the normal trend as we head into springtime. Let’s take a look at the details.
There was slight increase in available inventory of homes when comparing the 1,692 in February to the 1,703 in March. Although this increase is heading in the right direction, our inventory is still down more than 25% from October of last year. It is important to note that these statistics include homes that are active and available for purchase, as well as homes that are in contract but not yet closed. Next, we will look at the number of units sold.
Reno/Sparks area REALTORS sold 540 single family homes in March, which was an increase of 40.3% since the end of February. While it is a significant increase, it is still 6.7% less than the 579 units sold during March of last year. Inventory should continue to build coming into the late spring and summer months, which will allow area REALTORS to maintain the current pace of sales. The demand for housing in the under $600,000 price range remains strong even as more homes come on the market.
Let’s see how the demand impacted the median price and average days on market through March.
The median sold price in Reno/Sparks increased slightly to $319,000 in March. That figure marks the third consecutive month of increases in median price, and is also 8.1% higher than March of 2016. Low mortgage rates and sustained job growth in the region are the primary drivers of the increases in value.
Average Days on Market for homes sold in March decreased by 13.9% from 115 days in February to 99 days in March. We typically experience a decrease in market time during the spring and summer months, so this is not unexpected. In a fast moving market such as ours, you will want to be sure to work closely with your Dickson Realty agent and lender to be pre-qualified before looking at homes.
Why should this information matter to you? When looking to buy or sell a home, understanding the trends and seasonal changes in the market can be a challenge. Having an expert and professional REALTOR on your side is a valuable asset. I can provide you with up to the minute information about local prices and trends to help you negotiate the best deal.