Median home prices are UP again this month bringing the appreciation to 12.1% over December of 2016. What is crippling to our market right now is the lack of available listings- down almost 50% over last year at this time. We are seeing homes that have sat on the market for three or more years finally go into contract because there are only a few listings in each area. We hope to see more listings come on the market with Spring around the corner.
Reno real estate market is staying busy. Strong demand and the constrained inventory of affordable homes continues to drive a Seller’s market in many price ranges and neighborhoods. Let’s take a look at the details... There were 637 homes available for purchase at the end of December. This a decrease of 25.1% when compared to November, and down a staggering 47.2% when compared to this time last year. Next, we will look at the number of units sold. Reno/Sparks area REALTORS sold 482 single family homes in December, which was a decrease of 9.2% compared to November. There was also a similar decrease in sales of 9.6% when compared to November of last year. Until more homes appear on the market,
As of December 31st, there were 665 homes on the market that were Active and Available for purchase. That is 19% fewer homes than the 821 on the market at the end of November and a staggering 44% fewer than the 1,187 homes on the market at the end of last year. 66.5% of available homes have asking prices below $600,000, which is down from 73.4% in December 2016. Only 115 of the homes on the market today have asking prices under $300,000. By comparison, 361 of available listings were under $300,000 at the end of December 2016. It is most definitely a Seller’s Market in these price ranges. Buyers should be pre-qualified with a lender before heading out to look at any homes in the lower price r