How has our real estate market changed in the last year? What’s happening so far in 2017? I’ll answer those questions for you today.
Right now there are about 895 homes for sale in Reno, and in December of 2016, we sold 523 homes. This means we have about 1.7 months of supply, which is the amount of time it would take to sell the homes currently available. A normal market is between four and six months of supply, so to be in a balanced market, we would need somewhere between 2,000 to 3,000 homes for sale, just to put that into perspective.
The median home price in December of 2015 was $291,000. That number jumped to $307,000 in December of last year, which is about a 5.5% to 6% increase year-over-year. That’s a healthy rate of increase.
The one thing these numbers really point out to me is that if you are a seller, you’re not going to have much competition. There are not that many homes for sale, so buyers have fewer choices.
Buyers need to be pre-approved and ready to write an offer when they find a home they want. They should also be prepared for multiple offer situations. Inventory is low right now, and this time of the year is always the slowest in terms of homes popping up on the market, so make sure you're prepared as a buyer.
If you’re a buyer, get pre-approved and be ready to make an offer if you find your dream home.
If you have any other questions, please feel free to give me a call or send me an email. I look forward to hearing from you!
