According to the recently published Market Report by the Reno Sparks Association of REALTORS, the median sales price for single family homes in the Reno/Sparks area in September 2012 was up 1.7% to $178,000 compared to $175,000 in August, 2012. Comparing September 2012 to the same period in 2011, the median sales price is up 19.5%. The median price is defined as the mid-point, where, for the time period identified, the price for one-half of the sales are higher and one-half are lower.
The report also indicated that the volume of sales is down, and this is true. The number of housing units sold in September was 463, down 12.5% from August 2012, and down 19.5% from September 2011. However, the reduced volume of sales is more related to the lack of available inventory and not a slowing of the local housing market.
Only 542 new listings went on the market in September compared with 607 in August, a 10.7% decrease month over month, and a 12.7% decrease from the same period in 2011. Properties listed at under $250,000 made up 67% of the new listings entering the market during the month of September. As of September 30, 2012, there were 5.1 months of unsold inventory based on the rate of sales during the month of September.
What do all these numbers mean to homeowners who may be thinking about selling? With fewer homes available on the market, only 5.1 months of unsold inventory, and median prices generally on the rise, this may be the best time since 2007 to sell a home. If you are thinking about selling or are curious to learn the current value of your home in today’s market, please contact for a no obligation consultation.