Thanks to the Reno/Sparks Association of Realtors for the updated stats.
You can view the whole report through this link… Full September Report
A summary of the main points is below.
- The median sales price dropped 4.4% to $239,000. This is something that we have expected and were waiting to happen. Without an influx of distressed properties the median price will continue to flutter up and down.
- Sold properties were down 13.6% to 496. Pretty normal when you have a lot of overpriced homes that are starting to reduce price.
- The average days on market jumped to 15.4% to 97 days. Regular sales are taking around 81 days. Just like above this is due to overpricing listings and needing price reductions and extended time on market to sell.
- New listings were down 6% from last year at 562. 86% of those were regular sales and only 26 were bank owned/REO.
- The month’s supply of inventory rose a little to 4.2 months. This means if we didn’t get any more listings it would take 4.2 months to completely run out of properties. This is still a seller’s market and has been since the summer of 2012.
Overall, no major changes. We’ll see what happens as we move into winter.
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