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Reno-Sparks Real Estate Market Update- July 8, 2016

Posted by Jeff Sallan on Friday, July 8th, 2016 at 7:56pm.

The market activity for June 2016 was largely unchanged from the prior month.

The slow but steady increase of available listings for sale that we’ve enjoyed for the past several months ended in June, where we ended the month with 2,080 homes for sale.

This is not too surprising for real estate professionals, as the number of new listings in the month, combined with an increase in properties sold to reduce the total number of available homes for purchase.

In June, Reno/Sparks area Realtors sold 618 homes, continuing a 3-month trend of increased sales activity. More home sales, fewer new listings and fewer available listings underscore what we havebeen reporting for some time; demand is very strong for homes in our area.

The median sales price in Reno/Sparks set another new milestone in June, with a high of just over $311,000; an 11% increase over last year. The continued rise in median price is being fueled by high demand, low mortgage rates and job growth in the region.

Average Days on Market for homes sold in June continued its blistering pace at just over 79 days! We are firmly in the traditional summer moving season, and 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.

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