Reno/Sparks Median Price Up 17.6% from last year.
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 561 homes available for purchase at the end of March. This was a decrease of 10% when compared to February, and down a staggering 47% when compared to this time last year when there were 1,064 homes available. Next, we will look at the number of units sold.
Reno/Sparks area REALTORS sold 528 single family homes in March, which was an increase of 19.2% compared to February. Despite this increase, there was a 5.5% decrease from this time last year.
The number of new listings appearing on the market is down 3% month-over-month as well as down 20% year-over-year. With fewer new listings and more homes being sold, the economics of supply and demand continue to impact the median price and days on market. Let’s take a look at these two statistics next.
The median sold price for single family homes in Reno/Sparks increased 1.5 percent to $375,000 in March. This is the highest median sold price in the history of the region. Year over year, the median price increased 17.6% from $319,000 in March 2017. Median means "in the middle". So, in regard to sales price, this means exactly half of the homes sold above this price, and exactly half sold below.
Average Days on Market for homes sold decreased from 90 days in February to 83 days in March. At this time last year, Days on Market was 16.2% higher, at 99 days. Even with the bustling market we have experienced for the past several years, it is more normal for Average Days on Market to be greater than 100 days this time of year.
Why should this information matter to you? If you want to purchase a home in today’s fast-moving real estate market, you will want to be sure to work closely with me and your lender to be pre-qualified before looking at homes. If you’re a seller that is concerned about putting your home on the market, we hope these statistics would put you at ease. Demand is strong, and there is little competition in many neighborhoods and price ranges. Whether you are considering a move up, across town or to downsize, now is the best time for us to speak about your options.