The Reno/Sparks Association of Realtors® came out with the May 2013 market stats.
The full report can be viewed by clicking the picture to the right.
A brief summary with comments is below.
- The median sales price rose 6.1% to $218,000 from April 2013 and is up 32% from May 2012. 6.1% in one month!!! That’s ridiculous.
- Units sold was up to 513. A 7.8% increase from April but down 2.1% from May 2012. This is the highest units sold per month since November 2012 but is still hindered by the lack of inventory.
- Average price per sqft is up $121 per sqft.
- There were 750 new listings compared to 662 last month and 135 more than May 2012.
- 76% of these new listings were regular sales, 22% were short sales or REO, and 2% were court approval or “other”. This regular sale ratio is the highest we’ve had in many months and shows that sellers are learning that they have enough equity to sell without doing a short sale.
- Month’s supply of inventory is at 3.6 months. The lowest since the bubble burst in 2007.
Nothing we didn’t expect except for the sharp increase in median sales price. It’s nice to see a larger number of new listings but I think the recent rate increases will force on the fence buyers into the market and subsequently increase the median sales price.
If you’re looking to capitalize on selling your home in the current market or need help navigating it as a buyer call Broker Ricky Beach at (775) 750-1437 or email Ricky@Resnv.com