Market activity for Single Family homes in October 2016 was down in nearly every tracked metric from last month and the summer season peak. However, the median price and average sold price per square foot are both still in positive territory when comparing year over year. Let’s look at the details.
There was a 9% decrease in available inventory of homes when comparing September to October. The 2,090 available listings at the end of October was a 5% increase compared to 1,986 last year.
In October, Reno/Sparks area Realtors sold 484 single family homes, which was 23.8% fewer homes sold than in September. This metric has been bouncing up and down for most of this year and is loosely tied to the number of new listings that appear on the market. Fewer homes on the market will correlate to a decrease in units sold.
The median sold price in Reno/Sparks was down slightly from $310,000 to $306,425 when comparing September to October. Year over year, the median price remains up 9.5%, largely fueled by strong demand, low mortgage rates and continued job growth in the region.
Average Days on Market for homes sold in October rose slightly, from 90 days in September to 92 days. It is typical to start seeing longer market times this time of year, as we are now well past the summer peak season.
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 a neighborhood expert and professional Realtor on your side is an invaluable asset. We can provide you with up to the minute information about local prices and trends to help you negotiate the best deal.