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Reno-Sparks Market Profile Report August 27, 2015

Posted by Jeff Sallan on Thursday, August 27th, 2015 at 10:12am.

The median sales price for single-family homes sold in July experienced a 3.8% increase, to $290,735, from June 2015. The median sales price for condos in July was $155,050, which is an increase of 15.7% from June.

This increase is particularly noticeable by looking at the range of sales for home over the month.  The highest-priced home to sell in July sold for over $3 million dollars, well above the single-largest home sale in June.  The lowest priced home to sell in July was even significantly higher than the same comparison for June.

The average days on market for homes decreased from 92 to 79 between June and July, but the average days on market for condos increased slightly from 72 to 84 over the same time span.

There was a slight decrease in the number of units sold for both homes and condos for July compared to June.

Despite the slight dip, the noticeable increase in average sales prices should be encouraging news for potential sellers. It is a great time to sell while inventory is very constrained.

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