Let's review the Reno-Sparks real estate market, comparing month over month activity from September to October 2017, and comparing year-over-year to October 2016.
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 3.4% to $330,000 through October. A more significant 11.9% increase is seen when we compare this price to a year ago. The sustained demand and low inventory will continue to drive prices up in the long term.
The number of homes sold decreased by 9.8% in October, with 637 sales versus 706 in September. Despite the month over month decrease, there was actually a 5.5% increase in the number of homes sold compared to October of last year. While the seasonal trend would normally have sales tapering off this time of year, we believe the decrease in sales is more attributable to the lack of inventory than any other factor.
There were 624 new listings on the market in October, which was a 5.9% decrease from 663 in September and a 5.5% decrease from the 660 new listings in October 2016. We expect a strong seller’s market to remain until more new listings are offered for sale in the region.
As we look at the Inventory numbers, there were 1,000 homes available for sale at the end of October, which was a 16.9% decrease from the 1,203 on the market in September. A much more significant decrease of 41.4% was seen in the number of available homes for sale in Reno and Sparks when compared to October of last year. A Dickson Realty neighborhood expert 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 slightly in October to 1.6 months from 1.7 months in September, but decreased 44.4% from October of last year. This reaffirms that now is a time that homes can be sold in most price ranges, and sold quickly, for those considering selling and moving up to a price range where buyers have more control over the market.
What does all this information mean to you, and why should it matter 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. For up to the minute information on the local Reno and Sparks real estate market, contact a neighborhood real estate expert at Dickson Realty.
Whether you are buying or selling, talk to a Dickson Realty neighborhood expert first. Dickson Realty agents have the industry’s best tools, training and innovative technology to stay in tune with the market. Our experience can help you buy or sell at the best price.
