Market activity in the Reno/Sparks area for Single Family homes in July was blistering hot, along with the weather. Let’s take a look at the details.
There were 2,014 homes available at the end of July. This a decrease of 3.5% when compared to June. Our inventory is also down by 17.6% compared to this time last year. It is important to note that these statistics include homes that are active and available for purchase, as well as homes that are in contract but not yet closed. Next, we will look at the number of units sold.
Reno/Sparks area REALTORS sold 627 single family homes in July, which was a decrease of 17% from the end of a record set in June. Despite the decrease, the number of units sold is up by 4.2% compared to July of 2016, in which 602 units were sold. With year over year inventory down and more sales year over year, our area will continue to experience increases in median price in many neighborhoods.
Let’s take a look at how the demand impacted median price and average days on market through July.
The median sold price for single family homes in Reno/Sparks increased from $340,000 in June to $357,500 in July. That calculates to a 5.1% increase from June, and an 18.4% increase since January of this year. When comparing year over year, July’s median price for single family homes is 12.6% higher than July of 2016.
Average Days on Market for homes sold in July decreased 5.7%, from 87 days in June to 82 days. It is normal during the peak summer months to see the average days on market go down. In a fast moving market such as ours, you will want to be sure to work closely with your agent and your lender to be pre-qualified before looking at homes.
Why should this information matter to you? When buying or selling a home, understanding the trends and seasonal changes in the market can be a challenge. Having an expert and professional Realtor on your side is a valuable asset. We can provide you with up to the minute information about local prices and trends to help you negotiate the best deal.