Market activity for September 2016 was mixed but still largely unchanged from the summer season peak.
There was a 7% decrease in available listings when comparing August to September. The 2,195 available listings at the end of September also represents the 2nd month of fewer listings from the peak of 2,373 available in July.
In September, Reno/Sparks area REALTORS sold 541 homes, which was 8% fewer homes sold than in August. This was the 3rd month of decline in the number of homes sold and an 18% decrease from June’s peak of 661. Fewer home listings available on the market will continue to cause a decrease in units sold.
After month over month increases in Reno/Sparks median sales price all year, followed by a decrease in August, we had a small uptick from $310,000 to $311,000 in the month of September. In September 2015, the median price was $285,000. The 9% year over year rise in median price was largely fueled by strong demand, low mortgage rates and continued job growth in the region.
Average Days on Market for homes sold in September rose slightly, from 86 days in August to 90 days. It is typical to start seeing longer market times this time of year, as we are now past the summer peak season. We have been hovering near the limit of how quickly inventory can turn over for the past several months.
Why should this information matter to you? When looking to buy or sell a home, understanding the trends and seasonal changes in the market can be a challenge. Having a neighborhood expert and professional REALTOR on your side is an invaluable asset. I, as your agent, can provide you with up to the minute information about local prices and trends to help you negotiate the best deal.