Thanks to the Reno/Sparks Association of Realtors for the updated stats.
You can view the whole report here… June 2015 Stats
Below are the major points with commentary.
- The median sales price dropped (2.3%) to $278,500. Whoa, Nellie! Not a big worry. This happened in September 2014 and it jumped 8% the following months. Hopefully, it is a sign that the market is steadying.
- The average price per sqft for sold properties was $159. Smaller homes, 1300-1400 sqft, in newer areas can hit $190 to $200 per sqft.
- There were 622 sales which is the highest number since mid-2013.
- The average days on market was 84 days. 72 days for regular sales. Take away 35-45 days for negotiating and escrow and you’ll get the average market time before an accepted offer.
- 766 new listings kept pace with the past two months. 94% of these were regular sales so the distressed market is still non-existent.
- The month’s supply of inventory hit 2.8 months. From our cheat sheet… higher priced homes take longer to sell and the under $300,000 market is 1-2 months of inventory.
No surprises other than the median sales price. I have noticed many properties reducing price or coming back on the market around the time an appraisal would be received. Maybe the market is softening a little. With only 2.8 months of inventory it’s hard to believe.
To search for homes visit RickyBeach.com
To get your home’s value visit HomeValuesOfReno.com
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If you have any specific questions email me at Ricky@RickyBeach.com
Keller Williams Group One Inc.
10539 Professional Circle., #100
Reno, NV 89521
Office: (775) 393-9601
Cell: (775) 750-1437