The market, and the temps, are heating up!
Market activity in the Reno/Sparks area for Single Family homes in May is heating up along with the weather. This is typical for the late spring and early summer months. Let’s take a look at the details...
There were 2,037 homes available at the end of May. This is a 2.8% increase in available inventory when compared to April, and a 20.6% increase from January’s inventory. Although this increase is heading in the right direction, our inventory is down by over 12% 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 652 single family homes in May, which was an increase of 26.6% (or 137 more homes sold) since the end of April. The number of units sold is also up by 8.5% compared to May of 2016, in which 601 units were sold. Inventory is building coming into the peak summer selling period, which will allow area REALTORS to maintain the current pace of sales. The demand for housing in the under $600,000 price range remains very 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 May.
The median sold price in Reno/Sparks increased from $323,990 in April to $335,575 in May. That calculates to a 3.6% increase from April, and an 8.3% increase from May of 2016. Low mortgage rates, low inventory, and sustained economic growth in the region are the primary drivers of the increases in value.
Average Days on Market for homes sold in May went down 5.7%, from 98.3 days in April to 92.7 days. As we head into the summer months, we expect to see the average days on market continue to go down. In a fast moving market such as ours, you will want to be sure to work closely with myself, and your lender to be pre-qualified before looking at homes.
Why should this information matter to you? When buying or selling 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.