It’s time for a market update. But, what do these numbers mean for you?
It’s time to take a look at what’s going on in our local market.
To start, Reno/Sparks has about 895 homes for sale right now. This number has closely to do with months of supply, which can greatly influence the market.
Last December, 523 homes sold in our area—which translates to about a 1.7 months of supply. Months of supply are important because they signify the amount of time it would take for the market’s supply to totally deplete if no new homes were to come on the market within that time frame.
In order for a market to be well-balanced in terms of months of supply, the number should sit between four to six months. To put this in perspective, that’s about 2,000 to 3,000 homes for sale.
"Buyers should be prepared to seize opportunities."
Median sales price has also risen. In December of 2015 it was $291,000 and last year it was $307,000—roughly a five to 6% increase.
Smaller increases like this one are a good sign for the health of the market. These numbers also indicate less competition for sellers, since buyers have fewer choices.
Conversely, buyers should expect a degree of competition. With less to choose from on the market, buyers should be prepared to seize opportunities. It’s important to be pre-approved and ready to write an offer.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
