Let’s take a look at Median Price and Days on Market trends over the past 6 months for single family homes in the greater Reno-Sparks area. “Median” means “in the middle”, so one-half of homes sold at a lower price and one-half of homes sold at a higher price. These statistics exclude Condo sales and focus only on single family home sales activity in the region.
According to the Reno-Sparks Association of REALTORS, the area experienced its first decrease in median price in April 2018 since September of last year. The April median price was $374,000, compared to $375,000 in March. A better indicator of the market is the year-over-year change. When we compare April 2018 to 2017, we experienced a 15.3% increase in median price, which highlights the strong…
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Written by Nancy Fennel, President of Dickson Realty
For the past 18 months, I have been writing about the housing market in Northern Nevada, focusing mostly on the more “affordable” part of our market. The message has been pretty consistent — low inventory, high demand, not enough new construction and rising prices.
For the record, I do not believe this is a bubble. This represents the economic theory of supply and demand, which is being experienced not only in our market, but nationally.
We have seen trends go up and down for the past 40 years in real estate, and in my opinion, will continue to feel some pain with low inventory and rising prices until we have more inventory (from new construction) or lessening demand.
This month, I thought I…
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Let’s review the Reno-Sparks real estate market, comparing month over month activity from March to April 2018 and year-over-year activity to April 2017.
According to the Reno Sparks Association of Realtors, the Median Sold Price for single family homes and condos in Reno/Sparks increased by 1.4% to $355,000 in April. A 15.6% increase was seen compared to a year ago when the Median Price was $306,995. This year-over-year change is a better indicator of how the market is performing. Continued low inventory levels and sustained demand from home buyers are the primary reasons for the double-digit annual increase in value. We expect that prices will continue to climb until more homes are available in the market.
The number of units sold decreased by…
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I have some market news to share with you.
Click to enlarge the graph
Continued strong demand and low inventory of affordable homes makes it a challenging market in many price ranges and neighborhoods. If you’re thinking about moving up to a higher price range or across town to a new neighborhood, this may be one of the best move-up markets in history. Let’s take a look at the details.
There were 626 homes available for purchase at the end of April. This was a 6% decrease when compared to March, and down over 42% when compared to this time last year when there were 1,087 homes available. Next, we will look at the number of units sold.
Reno/Sparks area Realtors sold 477 single family homes in April, which was a decrease of 13% compared to…
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When you're finally able to move in to your new home, it's likely the culmination of a stressful home search, navigating the mortgage process, and countless hours of packing. Before you get too comfortable in your new home, there are a few things you need to tackle.
Change the locks. You have no idea how many people may have a key to your new home. Neighbors, contractors, and service providers may have access. Before you move in, make sure you change those locks and deadbolts.
Find the water shut-off and circuit breaker box. The locations of each should be in your home inspection. If they aren't already, label your fuses.
Sanitize. It's easy to forget to clean when you're searching for those last minute items you packed. Sanitize…
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If you have limited vacation time or funds for a lengthy vacation this year, you may be considering a staycation. Luckily, Northern Nevada has plenty of activities to keep you busy, without traveling too far from the comforts of home. If you're planning a staycation, a luxurious backyard can make all the difference. These simple tips can get your backyard into staycation shape in no time.
Outdoor Living Space- create a comfortable, chic space by incorporating plenty of seating. Use stone or ground cover to replace a grass lawn. Hardscape like attractive fencing, or even outdoor curtains can black off a room for a little more privacy.
Play Yard- Who says your backyard should be a lawn with a few trees or garden beds? Mix things up by adding a bocce…
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If you're one of the many homeowners who are living in a home that's just too big, you may be considering downsizing into a smaller home. Reasons for downsizing include convenience, health concerns, financial or just the want to simplify. A recent TD Ameritrade survey reports that 42% of pre-retirees are likely to downsize if they have not already done so. Of those, 25% are planning to move to a warmer climate and 17% are planning to move closer to loved ones. Before you make the move, here are four things you should consider before deciding if downsizing is right for you.
1. Does it make financial sense? Depending on your current mortgage, the area you plan to move to, and the value of your current home, you must decide if the move will make sense…
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Written by Andrew Reel, Dickson Realty
Demand for affordable housing in Reno-Sparks remains high, and supply is near record lows. Although this creates a challenging environment for home buyers and sellers alike, it is also one of the best move up markets in recent history. Let’s take a look at what’s happening.
As of April 30th, there were 698 homes on the market that were Active and Available for purchase. That is a welcomed 16% increase from the 600 available homes on the market at the end of March, but still a significant 32% decrease from the 1,031 homes on the market in April 2017. Over 65% of available homes have asking prices below $600,000. Only 132 of the homes on the market today have asking prices under $300,000. By comparison, 275 of…
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