Median Home Price Breaks New Record.
Continued strong demand and low inventory of affordable homes is creating a challenging market in many price ranges and neighborhoods. However, if you’re thinking about moving up to a higher price range, or across town to a new neighborhood, it may be one of the best opportunities to buy or sell a single-family home in Reno and Sparks. Let’s take a look at the details.
There were 538 homes available for purchase at the end of February. This a decrease of 9% when compared to January, and down a staggering 48% when compared to this time last year when there were 1,038 homes available. Next, we will look at the number of units sold.
Reno/Sparks area REALTORS sold 420 single family homes in February, which was an increase of 3.7% compared to January, and an 8.8% increase from last year.
Year over year, we experienced more home sales, and there’s a dramatic reduction in inventory. So, let’s take a look at how the demand and sales activity impacted median price and average days on market.
The median sold price for single family homes in Reno/Sparks increased 2.9 percent, to $370,500 in February. This is the highest median sold price in the region. Year over year, median price increased 16% from $319,470 in February 2017. Median means "in the middle". So, with regard to Sales Price, this means exactly half of homes Sold above this price and exactly half Sold below.
Average Days on Market for homes sold in February decreased from 101 days in January to 90 days. Last year at this time Days on Market was 21.7% higher, at 115 days. Even with the robust market we have experienced for the past several years, it is normal for Average Days on Market to be greater than 100 days this time of year.