Let's review the Reno Sparks housing market activity, comparing activity through December 31, 2015 to November, and also to data from December of 2014.
According to the Reno Sparks Association of Realtors, the median Sold Price for single family homes in the Reno/Sparks area remained even at $290,000 from November to December, 2015. While national headlines of a housing slowdown are making news, when we compare December 2015 with the prior year, Median Price in our region is up 10.7%
The number of homes sold, or Units Sold, is fluctuating; up 13.5% from November to December, 2015, but down 7.7% when comparing year over year data. This is attributed more to a lack of inventory than any other factor. If more homes were available on the market to be sold, we would sell more homes.
The New Listings, Available Inventory and Months of Inventory data all support this opinion. The number of new listings on the market in the month of December dropped to 353 homes. Although it is a larger number than December 2014, it represents an 11% decrease from November.
As we look at the Inventory numbers, there were 1363 homes available for sale in December; a 20% decrease from November’s 1709 homes, and a 15% decrease from December, 2014.
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 2.8 months’ supply of inventory in December 2015, which is an 8% decrease from December 2014, and a staggering 29% decrease from November 2015.
What does all this information mean to you as a home buyer or seller? A prolonged inventory shortage will continue to drive higher median prices, which is good for sellers, but brings many challenges to home buyers in the region. You can search for homes, connect with a neighborhood expert, and stay informed with the latest Market Trends from 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, if you are ready to move, talk to a Dickson Realty neighborhood expert first. At Dickson Realty, our agents have the best tools and leading technology to stay on top of the market. That will help you buy or sell at the right price.
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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