Market activity for August 2016 was down for the 2nd consecutive month, but still largely unchanged from the summer season peak.
There was a 3.4% decrease in available listings when comparing July to August. The 2,230 available listings at the end of August also represents a 4.2% decrease from the peak of the season in June.
In August, Reno/Sparks area REALTORS sold 569 homes, which was 4.2% fewer homes sold than in July. This was the 2nd month of decline in the number of homes sold and a 13.7% decrease from June’s peak of 660. Fewer home listings available on the market will continue to cause a decrease in units sold.
After several months of increases in median sales price, we had a decrease of 2.8%, down to $310,000 for all Reno/Sparks areas in the month of August. While this is a small decrease month over month, it represents a 6.9% increase over August 2015, and a 24% increase over August 2014, when our median sales price was $250,000. The year over year rise in median price has been fueled by high demand, low mortgage rates and job growth in the region.
Average Days on Market for homes sold in August remained unchanged from July, at 87 days. We have been hovering near the limit of how quickly inventory can turn over for the past several months. We expect the Days on Market to remain low for at least a few more months. The fast pace of sales magnifies the need to be pre-qualified for a mortgage prior to starting a home search.
Buying or selling a home can be a challenge. Having a market expert and professional REALTOR on your side is an invaluable asset. As your Dickson Realty agent, I can help provide you with up-to-the-minute information about what is selling in your neighborhood. That can give you a definite edge.
Please contact me for more market statistics or information about your home.