The median sales price for homes sold in April experienced a nearly one percent increase from March, 2015, and an 18% increase over April, 2014. For Condos, the median price increased 13.6% from March to April.
The number of Homes and Condos that sold also increased in the month of April. While the average days on market was slightly lower for April, it has been fairly stable for the past several months.
All of these numbers, combined to help reduce the overall supply of available homes to purchase. According to the Reno Sparks Association of Realtors, inventory was 2.9 months of unsold homes at the end of April. However, this calculation includes homes that are in contract. When we look at only homes that are available to make an offer on, the available inventory slips to just over 30 days for homes and less than 30 days for condos.
Mortgage interest rates are still incredibly low, so it is a great time to buy. You’ll want to work closely with your lender and your Realtor to make sure you are well positioned when making an offer.
It’s an even better time to sell, while inventory is very constrained. Whether buying or selling, you need an expert adviser on your side. We have the experience, tools and technology to help you understand the nuances of the market. Contact me to get the very latest information about your neighborhood home values.