Let’s take a look at Median Price and Days on Market trends over the past 6 months for single family homes in the greater Reno-Sparks area. These statistics exclude Condo sales and focus only on single family home sales activity in the region.
According to the Reno-Sparks Association of Realtors, the Reno-Sparks area experienced a 3.7% decrease in median price from $347,854 in August to $335,000 in September. This price was 8.1% higher than September of last year, and 17.5%, or $50,000 higher than September, 2015. These year over year increases underscore the strong demand for housing being driven by low housing inventory and continued low mortgage rates. We anticipate the median price will continue to increase in the long term, especially in the most affordable price ranges.
The Average Days on Market decreased by 4.7% from 86 days in August to 82 days in September. This marks a decrease of 8.5% in the time on market from September of last year, and a decrease of 28% in the time on market since February 2017, when the Average Days on Market was at 114 days. We expect the Days on Market to begin increase slightly, following the typical seasonal trend as we move into fall and winter.
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 a great time for us to speak about why you might consider selling now.
For buyers, mortgage rates are still relatively low, but increases in mortgage rates could come at any time. Your first steps in the buying process should include consulting me to help you get pre-qualified with a mortgage lender before you start looking at homes.
Please contact me for more market statistics or information about what is happening with real estate in your neighborhood.