Spring brings tree blooms and price booms.
Market activity in the Reno/Sparks area for Single Family homes in April has shown that it is heating up a little, following the normal trend for springtime. Let’s take a look at the details.
There were 1,937 available homes at the end of April. This is a 7.2% increase in available inventory of homes when compared to March. Although this increase is heading in the right direction, our inventory is down by 9.2% compared to this time last year. 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. Next, we will look at the number of units sold.
Reno/Sparks area REALTORS sold 508 single family homes in April, which was a decrease of 8.3% since the end of March. The number of units sold is also down by 10.7% compared to April of 2016, in which 569 units were sold. Inventory is building coming into the late spring and summer months, which will allow area REALTORS to maintain the current pace of sales. The demand for housing in the under $600,000 price range remains strong even as more homes come on the market.
Let’s see how the demand impacted the median price and average days on market through April.
The median sold price in Reno/Sparks increased from $319,000 in March to $323,695 in April. That figure marks the fourth consecutive month of increases in median price, and is also 9.7% higher than April of 2016. 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 April remained the same since the end of March at 99 days. As we head into the late spring and summer months, we expect to see the average days on market go down. In a fast moving market such as ours, you will want to be sure to work closely with me and your lender to be pre-qualified before looking at homes.
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.