Lack of inventory driving prices up.
Market activity in the Reno/Sparks area for Single Family homes in February was robust, given the continued economic and jobs growth in our region. Let’s take a look at the details...
There was a 5% decrease in available inventory of homes when comparing January to February and a 40.2% decrease since August. It is important to note that these statistics include homes that are active and available for purchase, as well as homes that are in contract but not yet closed. This marks the sixth consecutive month of decreases in inventory, a trend that is exacerbated by the strong demand for housing in the under $600,000 price ranges.
Reno/Sparks area REALTORS sold 374 single family homes in February, which was an increase of 3.3% over January. The number of sales in February 2017 is also 1.6% greater than February of last year.
When inventory is down and number of sales are up, the result is higher prices. The median sold price in Reno/Sparks increased by 5.9% from $302,250 in January to $320,000 in February. That figure is also a 10.3% increase over February 2016. Continued strong demand due to low mortgage rates and sustained job growth in the region are the primary drivers of the increases in value.
Average Days on Market for homes sold in February increased from 107 days in January to 115 days in February. It is typical to experience slightly longer market times this time of year, but as Spring approaches we expect the Days on Market trend to head back down.
Why should this information matter to you? When looking to buy or sell a home, understanding the trends and seasonal changes in the market can be a challenge. Having an expert and professional REALTOR on your side is a valuable asset. I can provide you with up to the minute information about local prices and trends to help you negotiate the best deal.