2.7% Median Price Increase from October to November!

I have some market news to share with you.

Market Report – DOM and Median Price – Reno/Sparks

Let’s take a look at Median Price and Days on Market trends over the past 6 months for single family homes in the greater Reno-Sparks area. These statistics exclude Condo sales and focus only on single family home sales activity in the region.

According to the Reno-Sparks Association of REALTORS, the Reno-Sparks area experienced a 2.7% increase in median price from $345,500 in October to $355,000 in November. This price was 14.5% higher than November of last year, and 21%, or $61,505 higher than November, 2015. These year over year increases highlight the strong demand for housing being driven by low housing inventory, continued low mortgage rates and economic growth. We anticipate the median price will continue to increase in the long term, especially in the most affordable price ranges that fall below $600,000, where over 90% of home sales occur.

Median Price Reno Sparks

Click to Enlarge

The Average Days on Market decreased by 3.4% from 89 days in October to 86 days in November. It is also 11.3% lower than the 97 Average Days on Market in November 2016. We typically see this number increase in the winter, but the sustained demand and lack of inventory are the biggest contributing factors to the shorter times we are seeing on market now.

Days on Market Reno Sparks

Click to Enlarge

Why is this information important to you? With fewer homes on the market and faster sell times, there is less competition for sellers of homes in many neighborhoods. For sellers in price ranges below $500,000, the constrained inventory and strong demand make this an excellent time for us to talk about why you might consider selling now.

For buyers, mortgage rates are still low, but increases in mortgage rates could come at any time. Your first steps in the buying process should include consulting me to help you get pre-qualified with a mortgage lender before you start looking at homes.

Please contact me for more market statistics or information about what is happening with real estate in your neighborhood.

#of Sales Down, Inventory Down, Prices UP!

I have some market news I’d like to share with you.

Market Profile Report – Reno/Sparks 

Let’s review the Reno-Sparks real estate market, comparing month over month activity from October to November 2017, and comparing year-over-year to November 2016.

Christy Klingler. Realtor

DOW_21477

Call. Text. 775.750.5492

Email: cklingler@dicksonrealty.com

Web: https://renosparksinfo.com  &

http://christy.klingler.dicksonrealty.com

 

 

 

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Prices are Up Again, # of Homes for Sale Dips…

I have some market news to share with you.

Actives vs Solds – Reno/Sparks, NV

Active vs Sold Reno Sparks

Click to enlarge the graph

If this was a typical year, we would expect activity in the Reno/Sparks area for Single Family homes to cool off slightly in the last quarter of the year. However, continued strong demand and the constrained inventory of affordable homes continues to drive a Seller’s market in many price ranges and neighborhoods. Let’s take a look at the details.

There were 783 homes available for purchase at the end of November. This a decrease of 18.7% when compared to October, and down a staggering 43% when compared to this time last year. Next, we will look at the number of units sold.

Reno/Sparks area REALTORS sold 519 single family homes in November, which was a decrease of 6% compared to October. There was also a decrease in sales of 3.4% when compared to November of last year. Until more homes appear on the market, the limited inventory will continue to affect the number of sales.

So, let’s take a look at how the demand and sales activity impacted median price and average days on market.

The median sold price for single family homes in Reno/Sparks increased 2.7 percent, to $355,000 in November. This is exactly the same median price as we had at the peak of the summer selling season in July. While the month over month increase is slight, the better indicator of market performance is the year over year analysis. In November 2016, our median price was $310,000. That’s an increase in our regional median price of 14.5% since November of last year.

Average Days on Market for homes sold in November decreased slightly, from 89 days in October to 86 days. Normally, Days on Market would increase during this time of year. Last November, the Average Days on Market was 97 days. This demonstrates further that there is continued demand for homes, but the constrained inventory is inhibiting the number of sales and escalating the prices.

Why should this information matter to you? If you want to purchase a home in a fast-moving market such as ours, you will want to be sure to work closely with me and your lender to be pre-qualified before looking at homes. If you’re a seller that is concerned about putting your home on the market during the holidays, I hope these statistics will put you at ease. Demand is strong, and there is little competition in many neighborhoods and price ranges. Whether you are considering a move up, across town or to downsize, now is the best time for us to speak about your options.

 

Christy Klingler. Realtor

DOW_21477

Call. Text. 775.750.5492

Email: cklingler@dicksonrealty.com

Web: https://renosparksinfo.com  &

http://christy.klingler.dicksonrealty.com

Where are Prices Headed?

I have some market news I’d like to share with you.

Market Report – Inventory and Percent of Sales – Reno/Sparks

Let’s take a look at the Reno/Sparks housing inventory and year to date sales statistics by price range. Demand for affordable housing in Reno-Sparks is high, and supply is low. This creates a challenging environment for home buyers and sellers alike. Here are the details:

As of November 27th, there were 821 homes on the market that were Active and Available for purchase. This is 17% fewer homes than the 990 on the market at the end of October and a staggering 38% fewer than the 1,321 homes on the market at this time last year. Only 64% or 525 of the homes on the market today have asking prices under $600,000. In November 2016, 75% of available listings were under $600,000. About 15% of the homes on the market today have asking prices below $300,000, while 32% of available homes in November 2016 were asking $300,000 or below. It is most definitely a Seller’s Market in these price ranges, which makes it difficult for Buyer’s to purchase.

Now, let’s talk about absorption rate by price range. The Absorption Rate, or Days of Available Inventory, is the amount of time it would take to sell off existing homes for sale if no additional homes came onto the market.

As expected, the strong seller’s market in prices below $600,000 often means multiple or competing offers in some neighborhoods. For homes priced below $300,000, we have only 12 days of inventory, emphasizing the great need for more affordable homes in the market. For homes in the range of $300,000-$600,000, available inventory is 44 days, or about 1.5 months. If you own a home in either of these price ranges, it is a great time to sell with little competition. It is also an excellent time to consider moving up to a higher priced home where more inventory is available.

With an inventory of 4 months, the $600,001 to $900,000 price range represents a more balanced market between buyers and sellers, but still remains in seller’s market territory like the lower price ranges. Once asking prices move above $900,000, the market begins a shift to favor the buyer. The months of inventory is 9 months for properties in the $900,000 to $1,500,000 range. For homes priced over $1,500,000, we have a 26 month or just over 2 year supply.

It is good to remember that The National Association of REALTORS® considers 5 to 6 months of inventory a healthy market, where neither buyers nor sellers have a distinct advantage.

The typically strong summer selling season is continuing well into fall, and we are on track for a record breaking year for the number of sales. Let’s take a look at the Percentage of Sales by price range.

91.7% of all sales in Reno/Sparks this year have been under $600,000, with 44.3% of sales occurring below $300,000, and 474% of sales between $300,000 and $600,000. Only 5.9% of sales this year have been between $600,000 and $900,000. The remaining sales, or just 2.4% of all sales, were over $900,000.

The supply-demand equation continues to drive home prices up in the most affordable price ranges. However, the pace of price increases often depends on a specific neighborhood or area of town. Whether you are considering a move to downsize, move up, or even a move across town, now is a great time for us to meet and discuss your options. Please reach out if you have questions or would like to talk about what is happening in our real estate market.

Christy Klingler. Realtor

DOW_21477

Call. Text. 775.750.5492

Email: cklingler@dicksonrealty.com

Web: https://renosparksinfo.com  &

http://christy.klingler.dicksonrealty.com

After a Little Dip, Prices are Back Up!

I have some market news to share with you.

Market Report – DOM and Median Price – Reno/Sparks

Let’s take a look at Median Price and Days on Market trends over the past 6 months for single family homes in the greater Reno-Sparks area. These statistics exclude Condo sales and focus only on single family home sales activity in the region.

According to the Reno-Sparks Association of REALTORS, the Reno-Sparks area experienced a 4% increase in median price from $335,000 in September to $348,450 in October. This price was 12.4% higher than October of last year, and 24.5%, or $68,500 higher than October, 2015. These year over year increases highlight the strong demand for housing being driven by low housing inventory, continued low mortgage rates and economic growth. We anticipate the median price will continue to increase in the long term, especially in the most affordable price ranges that fall below $600,000, where over 90% of home sales occur.

Median Price Reno Sparks

Click to Enlarge

The Average Days on Market increased by 6% from 83 days in September to 88 days in October. Though this number increased over the course of the month, it is actually 5.4% less than the 93 Average Days on Market we had at this time last year. We expect the Days on Market to begin increase slightly, following the typical seasonal trend as we move into fall and winter.

Days on Market Reno Sparks

Click to Enlarge

Why is this information important to you? With fewer homes on the market and faster sell times, there is less competition for sellers of homes in many neighborhoods. For sellers in price ranges below $500,000, the constrained inventory and strong demand make this an excellent time to meet with your Dickson Realty agent about why you might consider selling now.

For buyers, mortgage rates are still low, but increases in mortgage rates could come at any time. Your first steps in the buying process should include consulting me to help you get pre-qualified with a mortgage lender before you start looking at homes.

Please contact me for more market statistics or information about what is happening with real estate in your neighborhood.

Christy Klingler. Realtor

DOW_21477

Call. Text. 775.750.5492

Email: cklingler@dicksonrealty.com

Web: https://renosparksinfo.com  &

http://christy.klingler.dicksonrealty.com