In May, the total number of single family home sales in the greater Reno Sparks area was up 3.5 percent from April. The median sales price of $284,950 in May is at its highest point over the past six months, marking a 5.1 percent increase from April and a 20 percent increase since May, 2014.
There was an increase in the number of homes available for purchase in May, totaling 881 as of the beginning of the month. This development bucks the trend of decreasing available listings, where we saw available listings decrease each month since December 2014. Typically inventory levels begin to rise as we get further into spring, and we definitely reached that place in the market at this point in May. Also, the outlook for more new home construction is positive as we head into the peak building season, which should provide additional relief for our region’s constrained inventory.
Average Days on Market for the month of May was 92, which is a slight decrease of 95 from April. The average days on market has been relatively stable for the past several months, with January recording the highest average days on market of 125 over the past six months.
Knowing what to do when buying or selling a home can be a challenge. Having a market expert 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.