According to the Reno-Sparks Association of REALTORS, the Reno-Sparks area experienced a 2.7% increase in median price from $345,500 in October to $355,000 in November. This price was 14.5% higher than November of last year, and 21%, or $61,505 higher than November, 2015. These year over year increases highlight the strong demand for housing being driven by low housing inventory, continued low mortgage rates and economic growth. We anticipate the median price will continue to increase in the long term, especially in the most affordable price ranges that fall below $600,000, where over 90% of home sales occur.
The Average Days on Market decreased by 3.4% from 89 days in October to 86 days in November. It is also 11.3% lower than the 97 Average Days on Market in November 2016. We typically see this number increase in the winter, but the sustained demand and lack of inventory are the biggest contributing factors to the shorter times we are seeing on market now.
Why is this information important to you? With fewer homes on the market and faster sell times, there is less competition for sellers of homes in many neighborhoods. For sellers in price ranges below $500,000, the constrained inventory and strong demand make this an excellent time for us to talk about why you might consider selling now.
For buyers, mortgage rates are still low, but increases in mortgage rates could come at any time. Your first steps in the buying process should include consulting us to help you get pre-qualified with a mortgage lender before you start looking at homes.
Please contact the Sallan Real Estate team for more market statistics or information about what is happening with real estate in your neighborhood.