You can view the whole report here… January 2016 Stats
Below is an overview with my commentary.
- The median sales price dropped to $277,000. Down 5% from December but up 9% from January 2015. Oh no, the prices are falling. It’s going to crash!!! Well, it was expected. If you remember from last month longer escrows are changing the seasonal pricing you normally see. One thing to note is the year over year increase of 3%. 3-4% of yearly appreciation is a typical real estate market.
- Sales were at 375 and down 25% from December but up 3% from January of 2015. Normal seasonal stuff.
- New listings rose in January to 445. 25% above December indicating we’re leaving the cold season but only up 1% from the previous January. We still need more inventory.
- Because of the new listings and slower selling season the months supply of inventory rose to 3.6 months. Still 17% below last January and still a seller’s market for homes under $500,000.
Overall, there seems to be some signs of stabilization. The median price and median price per sqft dropping in correlation with historical seasonal averages is healthy. It would be nice to see the year over year appreciation to drop down below 5-6% in the coming months. That would be a pretty good indicator that we’ve leveled out. Our major problem right now is affordability. People are hard pressed to find a newer house with few repairs under $250,000 and even $300,000 in some areas. Builders are still raising prices each release as many are still under what it costs to buy a resale home. The majority will probably surpass resale pricing in 3-4 months.
For more information on buying and selling in Reno/Sparks contact Ricky at (775) 750-1437 or Ricky@RickyBeach.com
To search for homes visit RickyBeach.com
To get your home’s value visit HomeValuesOfReno.com
To stay up to date on your neighborhood visit RenoSnapShot.com.
If you have any specific questions email me at Ricky@RickyBeach.com