By January 31st, the median price for the Reno-Sparks region was $277,000, which is a slight decrease compared to the upward trend seen throughout 2015. Despite the decrease, the Reno/Sparks area is still looking at record highs for median price dating back to 2011. November 2015 was a record $292,000, so the market is still opportune for sellers.
The average Days on Market seemed to temporarily level out, marking 105 days on market for January 2016 compared to 104 days on market for December 2015. Outside an average days on market value of 97 in November, the market has hovered above 100 dating back to October 2015. It is typical for Days on Market to increase this time of year, but with the continued low housing inventory and high demand, we expect the average to go down as soon as we get into the early spring buying months.
Why should this information matter to you? For any sellers who have equity as a result of the increase in property values, the low inventory and high demand make this a great time to talk to a Dickson agent about how to sell now and for the best price in many years.
Recent turbulence in the stock markets and the unsettled global climate is helping to keep mortgage rates at historic lows. This will help buyers who are looking to move up or enter the housing market for the first time. If you are in the market to purchase, you can be one of the first to know about new listings by visiting DicksonRealty.com. Or, download our free mobile app to your Apple or Android phone. We update listing information every 30 minutes, so you will have the latest information in the palm of your hand.
As Dickson Realty agents, we have the experience, the tools and the technology to stay on top of the market. That will help you buy or sell at the right price.
We hope this information is useful to you in your decision making process for buying or selling a home. Please contact us for more market statistics or market information.