Let's review the Reno-Sparks real estate market, comparing month over month activity from February to March 2018, and comparing year-over-year to March 2017.
According to the Reno Sparks Association of Realtors, the Median Sold Price for single family homes and condos in the Reno/Sparks area increased by 1.4% to $350,000 in March. A larger 14.8% increase was seen when we compare this price to a year ago. This year-over-year change is a better indicator of how the market is performing. One of the largest reasons for the double-digit year over year increase in value is due to the continued low inventory levels and sustained demand from home buyers. We expect that prices will continue to rise until more homes are available in the market.
The number of homes sold increased by 17.9% in March, with 619 sales versus 525 in February. Despite the significant monthly increase, this number was still 4.2% smaller than the 646 homes sold in March of last year. It is typical for the sales to increase as we head into Spring, and this year proves to follow that trend.
There were 658 new listings on the market in March, which was a 3.5% decrease from the 682 in February. A much more significant decrease of 20.7% was found in the number of new listings compared to March 2017 when 830 homes came on the market. A strong seller’s market is expected to remain in many price ranges until more new listings are offered for sale in the region.
The Inventory numbers set the stage for the market conditions today. There were 647 homes available for sale at the end of March, which was a 11.2% decrease from the 729 on the market in February. When compared to March of last year, a much more considerable decrease of 47.7% was seen in the number of available homes for sale in Reno and Sparks. If you are selling your home, our Dickson Realty neighborhood experts can explain how the buyer demand for your house will be strongest at times when there is less competition among sellers, which can often lead to a shorter time on market and possibly a higher sale price.
The Month’s Supply of Inventory for homes in Reno and Sparks decreased from 1.4 months in February to exactly 1 month in March. It also has decreased 45.5% from March of last year. This reaffirms that now is a time that homes can be sold quickly in most price ranges and most neighborhoods.
Why is this information important to you if you are a home buyer or seller? The low housing inventory and our region’s economic growth will continue to drive home prices up. We still have very low mortgage rates, which will contribute to a steady stream of home buyers.
Whether you are buying or selling, Dickson Realty agents have the experience, combined with the industry’s best training and innovative technology to stay in tune with the market. For up to the minute information on the local Reno and Sparks real estate market, contact a neighborhood real estate expert at Dickson Realty today. Our experience can help you buy or sell at the best price.
