Oct. 2016 to Oct 2017: 42% less homes on market, with prices up 12%.
As the weather cools, so does our inventory of homes, but the median price is up slightly from last month, and it is way up from last year.
There were 899 homes available at the end of October. This a decrease of 16% when compared to September, and down a staggering 42% when compared to this time last year. Next, we will look at the number of units sold.
Reno/Sparks area REALTORS sold 538 single family homes in October, which was a decrease of 12.2% compared to September. Despite this decrease, the year over year number of sales were up by 4.1%. This tells us that the demand is there, but the low inventory is resulting in fewer homes sold. Until more homes appear on the market, the limited inventory will continue to affect the number of sales.
So, let’s take a look at how the demand and sales activity impacted median price and average days on market through October.
While the median sold price for single family homes in Reno/Sparks decreased slightly in October to $335,000 from $347,854 in September, the better indicator of how the market is performing is the year over year analysis. Last October, our median price was $310,000 which means it has increased by 12.4% over the last year.
Average Days on Market for homes sold in October increased 6%, from 83 days in September to 88 days. It is normal for this number to increase as fall and winter come along, but this is still a low number for this time of year. Last year, at this time, the Average Days on Market was 93 days. And, in October 2015, the Average Days on Market was just under 100 days.
Why should this information matter to you? The supply-demand equation continues to drive home prices up in the most affordable price ranges. However, the pace of price increases often depends on a specific neighborhood or area of town. Whether you are considering a move up, across town or to downsize, now is a great time for us to discuss your options.