Let's review the Reno Sparks housing market activity, comparing activity through January 31, 2016, to December, 2015, and also to data from January 2015.
According to the Reno Sparks Association of Realtors, the median Sold Price for single family homes in the Reno/Sparks area dipped 4.5% to $277,000 from December, 2015, to January. While national headlines of a housing slowdown are making news, when we compare January 2016 to January 2015, there was an 8.6% increase, validating a stronger long-term market in our local region.
The number of homes sold, or Units Sold, declined from 499 in December 2015 to 375 in January 2016. It is not unusual to see lower sales activity in the winter months, and we can expect an increase in sold properties as we move away from winter into the spring and summer months.
There were 445 new listings recorded for January 2016, which is almost 100 more new listings than December 2015. The bulk of the new listings were in the sweet spot price range that is just above our regional median price. Although our market is able to absorb many more new listings, this new listing activity should bring a little relief to the buyers who are searching for a home.
As we look at the Inventory numbers, there were 1359 homes available for sale in January; an 8.7% decrease from December 2015’s 1489 homes, and an 15% decrease from January, 2015.
All this information allows us to calculate the Months of Available Inventory, which has been at near historic lows in the most active price ranges below $600,000 for quite some time. Overall, there was a 3.6 months’ supply of inventory in January 2016, which is an increase from December 2015 but an 18% decrease compared to January 2015.
What does all this information mean to you as a home buyer or seller? The lack of inventory and our region’s population growth will continue to drive home prices higher as we move toward our peak buying season of spring and summer months. Exceptionally low interest rates will also contribute to a steady stream of home buyers. As demand increases, concerns of affordability are starting to make headlines. If you are thinking about buying, now is the time to get pre-qualified for a mortgage and start your home search. The best place to search for homes, connect with a neighborhood expert, and stay informed with the latest Market Trends is with Dickson Realty:
- visit our website at www.DicksonRealty.com
- download our free mobile app from the Apple or Google Play stores
- follow our social channels on Facebook, Twitter and LinkedIn
Whether you are buying or selling, when you are ready to move, talk to a Dickson Realty neighborhood expert first. Dickson Realty agents have the best tools, training and leading technology to stay on top of the market.
You can 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. Call us today. We’d love to help you too.
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