Looking to buy or sell your home in the Reno Sparks area? Here is your Reno Home Sale monthly market update for June!
So, you’re one of the buyers trying to buy a home in this tough Reno market, aren’t you? We completely understand. If you’re a buyer, regardless of experience, you’re having a bit of trouble if your price range is $400k and under and the home is priced well. Also, if you don’t act quick, you might not even have a chance to begin with. This is what happens when the inventory levels are at an all time low and you’re in a total seller’s market. There are fewer homes to sell, so the price of homes go up!
The median price in May was up 5% to $284,900 compared to $272,000 in April in the Washoe County area. Median sales price was up 19% from May 2014. The median price has seen a steady recovery since the bottom of the market in January 2012, but is still 23% off the peak of the market in 2006.
- Average days on market for a short sale is 275 days.
- Average days on market for a bank owned property is 70 days.
- Average days on market for a home with no special conditions or regular sale is 52 days.
- 39% of the total says for May, were in the $250,000 and under price range.
- 28.8% of all Reno Sparks sales in the last 3 months have sold for more than the original asking price. This could be another reason for your frustration, we completely understand.
- We currently have 3.0 months of inventory available, compared to 3.1 in April of this year. The National Association of Realtors describes a balanced market as between 5 and 7 months supply.
Hopefully this gives you a better idea of the current market in the Reno Sparks area. If you have any questions, please contact us.
Mike Smith Team at Reno Home Sale