Reno/Sparks Market Stats for November 2015 (Video)

Thanks to the Reno/Sparks Association of Realtors for the updated stats.

They added an affordability index which is pretty cool. 

You can view the full report in the video below….

Here’s an overview with commentary….

  • The median price rose 4% to $292,000. Up 12% from last November and 4% from October. A quick turnaround after 3 months of depreciation. I think December will go down a little then we’ll start inching up in the spring. 
  • The number of sales dropped sharply to 419. Down 22% from October and 12% from last November. Pretty typical of the time of year but a little more of a drop because sellers and buyers are having a tough time finding middle ground on pricing.
  • New listing were down 29% from October and up 25 from November of last year. Again, pretty normal of the time of year. 
  • The months supply of inventory or the amount of time to close every house on the market without any new ones popping up is at 3.8 months. A typical market is 5-7 months so inventory wise it’s still a seller’s market. 

Overall, sellers will need to start reducing price to get offers even with the short inventory. Buyers have become more patient and are willing to wait.

 


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

Ricky Beach

Broker/Salesman


Keller Williams Group One Inc.

10539 Professional Circle., #100

Reno, NV 89521

Office: (775) 393-9601
Cell: (775) 750-1437
Email: Ricky@RickyBeach.com
Website:www.RickyBeach.com

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Posted in For Buyers, For Sellers, Market Update and tagged , , , , , .