Inventory way, way down.
There were 1,363 available listings at the end of December, which is a 14.7% decrease from a month prior, and a 35% decrease from July, 2015. The number of available listings has decreased each month since August. Typically, available listings decrease in the fall and winter months in the Reno/Sparks market.
The 6-month trend of sold properties has fluctuated from a high of 650 in July to a low of 419 in November. For December, the number of sales increased slightly to 480 homes. Although this follows the typical winter months slowing of the sales pace in our area, it is a lack of inventory in the price ranges that make up the vast majority of all sales that is hampering the sales activity.
One of the most noteworthy takeaways from the data was the median sales price of $290,000 for December. Median sales prices have continued an overall increase since the end of 2011. Continued low inventory levels combined with relatively high demand will keep an upward pressure on the median price trend.
The 6-month trend for the average days on market is more of an inverse of the trends for available listings and median sales price. December witnessed a mark of 104 average days on market, which is a typical increase during the holiday and winter months .
Knowing what to do when buying or selling a home can be a challenge. Having a market expert on your side is an invaluable asset. As your Dickson Realty agent, I can help provide you with up to the minute information about what is selling in your neighborhood. That can give you a definite edge.
I hope this information is useful to you in your decision making process for buying or selling a home. Please contact me for more market statistics or market information.