Less homes on market leads to higher median price.
There were 1,598 available listings for November, which is a 6-month low, and a 15.5% decrease from last month. The number of available listings has decreased each month since August, which posted an available listings mark of 2,142. Typically, in our market available listings increase over the spring months and peak in summer months before slowing into the fall and winter months.
The 6-month trend of sold properties has fluctuated more than the total number of available listings. November ended with a total of 419 properties sold, which is a 6-month low and the lowest number of sold properties since February. This also follows the typical winter months slowing of the sales pace in our area.
One of the most noteworthy takeaways from the data was the median sales price of $292,000 for November. This is a record-high median price for Reno-Sparks dating all the way back to 2010, and a 12.3% increase over November, 2014. Median sales prices have continued to increase since the end of 2011, and November set a new high despite a small decrease over the last few months.
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. November witnessed a mark of 97 days on market, which is second only to the 99 set in October over the previous six months. This is still significantly less than the 141 days on market from November 2010.
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.