The median sales price for single-family homes and condos sold in October 2015 slightly decreased when compared with September. However, the median sales price is significantly higher for September and October this year compared to last year.
The average days on market for homes slightly increased from 84 to 96 between September and October, and the average days on market for condos also increased slightly from 83 to 87 over the same time span.
A decrease in months of inventory for single-family homes in our region means the market will likely continue to be in a seller’s market as we enter 2016. The Reno and Sparks area remains an especially strong seller’s markets for homes priced less than $600,000.
Recent reports from EDAWN and the UNR Center for Regional Studies predict strong economic growth and a 1.4 % annual population increase for the next five years. These factors will contribute to a robust demand for housing. The year over year price increases and low inventory that we’ve witnessed for the past couple of years will likely continue if these population growth and economic projections are correct.