let's take a look at the most recent housing market news, highlighting this year's sales activity through June 30th for all homes in the Reno/Sparks region, and how this year stacks up against 2013 and 2012
We've heard that for the month of June, we had the third best June in history for number of homes sold in the month, exceeded only by June 2010 and June 2005. But if we step back and look at the bigger picture, home sales from January 1 through June 30, we're actually seeing a slight flattening of the sales pace, year over year. 2012 had 3,020 sales, 2013 had 2,828 and this year 2,862.
When looking at the Median Sales Prices, we are still experiencing year over year increases, but there is a slight slowing of the pace here as well. The 2013 median sales price through June was an astonishing 33% higher than the 2012 median. However, the 2014 median sales price was 15% higher than 2013. A 15% increase in median sales price is still very good, and certainly more sustainable than an over 30% rate.
The better news continues for homeowner's who are looking to sell: the Average Days on Market is steadily going down, from 142 in 2012 to 122 in 2013 and 103 in 2014. This is a 27% reduction in number of days to sell a home on average.
As of June 30th
, the Reno/Sparks Association of Realtors showed 3.7 months of available inventory with Active/Pending homes included. When we look only at those homes that are Active and Available (not in contract or Pending), we have just 2.6 months of inventory, with 1,242 homes active and available for purchase in the Reno/Sparks area. So, we are certainly in a strong seller's market. A healthy balanced market is generally regarded as 5 – 7 months of inventory.
What does this mean for buyers? First, you need to be pre-qualified for a mortgage
before you begin searching for a home. You can contact an Eagle Home Mortgage expert at our Dickson Realty offices in Reno and Sparks to get pre-qualified.
Being first to know about a new listing is also beneficial. Both the Dickson website and the Dickson Mobile App are updated every 30 minutes with new listing activity, and we notify buyers with listing matches every hour. Contact one of our Dickson agents to find out how easy it is to setup a search or download our free mobile app