Reno-Sparks Real Estate Market Report-- May 30, 2016
Posted by Jeff Sallan on
At the end of April, 2016, the median home price for the Reno-Sparks region climbed to $294,500. Although this was slightly less than March’s $295,000 median, it represented a healthy 8.3% increase from April of last year. We expect the median to continue to climb as the demand in most price ranges, fueled by continued job creation and low mortgage rates, out paces the supply of affordable homes.
The Average Days on Market for April remained even with March’s 92 days, which is a 19% decrease from February. The average Days on Market usually trends downward this time of year, and through summer, after peaking in the winter months.
Why should this information matter to you? For sellers who have equity as a result of the increase in property…
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Despite considerable amounts of moisture this winter, as of May 3, 2016, Reno-Sparks is still in an extreme drought. Though we do not currently have any additional water restrictions, we should always be actively conserving water. If you are planning to sell your home, drought conditions don't mean you have to sacrifice the beauty of your yard. Just follow these tips to ensure your curb appeal stands out to prospective home buyers.
Nancy Fennell comes from a long line of strong southern women, and it has shown in her leadership of her company, locally based Dickson Realty.
If you're planning to sell our home, or if you just want to get the most of your outdoor space, it may be time to invest in a few landscape renovation projects. According to Improvenet, the average homeowner spends just under $3,000 on landscape projects. Here are some landscape renovations that have the best return on investment.
Let’s take an in depth look at the Reno-Sparks housing market activity, comparing April to March 2016 activity, and also to activity from April 2015.
There were 1,750 available listings at the end of April 2016. Although we have had a steady increase in the number of available listings since December of last year, the available listings are down 14% from March of 2014.
A recent article by the Reno Gazette Journal expands on what we already know; the Reno housing market is hot. Increased housing demand and a limited supply of homes for sale make the existing and new home market stronger than we've seen in years. We're still not at the level we saw in 2005, but home builders have gained confidence and with more companies moving to the region, the demand is expected to continue.