Let’s take a look at recent median price and days on market trends for the greater Reno-Sparks area.
In July, the median price for the Reno-Sparks region was $291,990. This amounts to a 4.7% increase from last month, which marked a median sales price of $279,000 for June. Perhaps most impressive is the astonishing increase of 16.8% from July 2014 to July 2015. According to statistics by the Reno-Sparks Association of REALTORS, the median price has steadily recovered since the market bottomed out around January 2012, but is still has a way to go to reach back to the market levels from 2007.
The average for days on market for July 2015 was 79 days, which is now a record low spanning all the way back to July 2007. The average for days on market has been decreasing since January 2015, where it peaked at 126 days. This clearly indicates excellent conditions for a continued seller’s market.
What does this information mean to you? Interest rates, although rising slightly, are expected to remain at historical lows for another couple of months. Industry experts are predicting an increase to approximately 5% by year end. For those sellers who have equity as a result of the increase in property values, the time may be right to talk to a Dickson agent.
If you are in the market to purchase, you can be one of the first to know about new listings by visiting DicksonRealty.com. Or download our free mobile app, where we update listing information every 30 minutes, so you will be sure to have the latest information. Trust the experts at Dickson Realty to get you the information you need, when you need it. We’ve been assisting buyers and sellers in northern Nevada for over 40 years.
