2018 has started off with a more active market than a typical January. Continued strong demand and low inventory of affordable homes is creating a challenging market in many price ranges and neighborhoods. However, if you’re thinking about moving up to a higher price range, or across town to a new neighborhood, it may be one of the best opportunities to buy or sell a single-family home in Reno and Sparks. Let’s take a look at the details.
There were 528 homes available for purchase at the end of January. This a decrease of 23.8% when compared to December, and down a staggering 51.1% when compared to this time last year when there were 1,079 homes available. Next, we will look at the number of units sold.
Reno/Sparks area Realtors sold 400 single family homes in January, which was a decrease of 18.7% compared to December, but a nearly 10% increase from last year.
Year over year, we experienced more home sales, and there’s a dramatic reduction in inventory. So, let’s take a look at how the demand and sales activity impacted median price and average days on market.
The median sold price for single family homes in Reno/Sparks increased 4.3 percent, to $359,950 in January. This is the highest median price since mid-2005. Year over year, median price increased 19.2% from $301,976 in January 2017. Median means "in the middle". So, with regard to Sales Price, this means exactly half of homes Sold above this price and exactly half Sold below.
Average Days on Market for homes sold in January increased from 94 days in December to 99 days. Last year at this time Days on Market was 9.2% higher, at 109 days. Even with the robust market we have experienced for the past several years, it is normal for Average Days on Market to be greater than 100 days this time of year.
Why should this information matter to you? If you want to purchase a home in a fast-moving market such as ours, you will want to be sure to work closely with us and your lender to be pre-qualified before looking at homes. If you’re a seller that is concerned about putting your home on the market, I hope these statistics will put you at ease. Demand is strong, and there is little competition in many neighborhoods and price ranges. Whether you are considering a move up, across town or to downsize, now is the best time for us to speak about your options.