Where did the listings go? 13% less listings in one month.
There was a 13% decrease in available inventory of homes when comparing December to January. This was the fifth consecutive month of decreases in inventory, which is consistent with the typical trend during the winter months.
In January, Reno/Sparks area REALTORS sold 358 single family homes, which was 31.5% fewer homes sold than in December. The number of sales this January is also 7% less than January of last year.
The median sold price in Reno/Sparks increased slightly to $303,750. Our median price has been hovering at $310,000 since August, and dropped to just under $300,000 in December. Year over year, the median price remains up less than one percent. When comparing to January 2015, median price is up 19%. Strong demand due to low mortgage rates and sustained job growth in the region are the primary drivers of the increases in value.
Average Days on Market for homes sold in January stagnated the gradual incline seen in recent months, from 108 days in December to 107 days in January. It is typical to continue seeing longer market times this time of year, as we are solidly in the slower winter season.
Why should this information matter to you? When looking to buy or sell a home, understanding the trends and seasonal changes in the market can be a challenge. Having an expert and professional REALTOR on your side is a valuable asset. I can provide you with up to the minute information about local prices and trends to help you negotiate the best deal.