Here’s a quick look at the Reno/Sparks housing market.
The median sales price for single family homes sold in May experienced a 4.6% increase, to $285,000, from April, 2015. The median sales price for condos stayed the same from April to May at $125,000.
While there was a decrease of 7.6% for the number of condos sold from April to May, there was a slight increase of 2% for the number of homes sold over that same time span. It is worth noting that May 2015’s unit sales are the second highest in history for the month of May, exceeded only by May, 2005, which was the height of the real estate boom.
All of these numbers combined to help reduce the overall supply of available homes. According to the Reno Sparks Association of Realtors, there were 3 months of unsold home inventory at the end of May. However, this calculation includes some homes that are in contract. When we look at only homes that are available to make an offer on, the available inventory slips to just over 30 days for homes and condos.
Although mortgage interest rates are still incredibly low, the 30-year fixed rate mortgage is up almost 1/2 of 1% since mid-May. Buyers who have been on the sidelines should keep in mind that rates are expected to continue to rise throughout the year. You’ll want to work closely with your lender and your Dickson agent to make sure you are well positioned when making an offer.
It is an even better time to sell, while inventory is very constrained. Your Dickson agent can help you set the right price, and help you understand how to negotiate the potential of multiple offers. Whether buying or selling in the current market, you need an expert counselor on your side.
An experienced Dickson Realty agent, along with our award winning website and mobile app, can help you navigate the process. Contact one of our agents to get the very latest information about your neighborhood home values. You can trust the experts at Dickson Realty. We’ve been assisting northern Nevada buyers and sellers for more than 40 years.
