Market activity in the Reno/Sparks area for Single Family homes should begin to cool off slightly in the last quarter of the year, which is the typical seasonal trend. However, the continued strong demand and constrained inventory of affordable homes to purchase continues to drive a Seller’s market in many price ranges and neighborhoods. Let’s take a look at the details.
There were 899 homes available at the end of October. This a decrease of 16% when compared to September, and down a staggering 42% when compared to this time last year. Next, we will look at the number of units sold.
Reno/Sparks area REALTORS sold 538 single family homes in October, which was a decrease of 12.2% compared to September. Despite this decrease, the year over year number of sales were up by 4.1%. This tells us that the demand is there, but the low inventory is resulting in fewer homes sold. Until more homes appear on the market, the limited inventory will continue to affect the number of sales.
So, let’s take a look at how the demand and sales activity impacted median price and average days on market through October.
While the median sold price for single family homes in Reno/Sparks increased slightly from $335,000 in September to $348,450 in October, the better indicator of how the market is performing is the year over year analysis. Last October, our median price was $310,000 which means it has increased by 12.4% over the last year.
Average Days on Market for homes sold in October increased 6%, from 83 days in September to 88 days. It is normal for this number to increase as fall and winter come along, but this is still a low number for this time of year. Last year, at this time, the Average Days on Market was 93 days. And, in October 2015, the Average Days on Market was just under 100 days. In a fast-moving market such as ours, you will want to be sure to work closely with us and your lender to be pre-qualified before looking at homes.
Why should this information matter to you? The supply-demand equation continues to drive home prices up in the most affordable price ranges. However, the pace of price increases often depends on a specific neighborhood or area of town. Whether you are considering a move up, across town or to downsize, now is best time to speak with a us to discuss your options.