RENO-SPARKS REAL ESTATE MARKET STATISTICS AUGUST 2015
Sunday, September 20, 2015
After a hot Summer selling season, the August numbers are out and we can analyze where our market is sitting as we head into Fall. (All data is for the greater Reno-Sparks area.)
The infographic below shows that we are experiencing some changes in our market. What do these numbers mean and how will they affect you as a buyer or seller? Let's take a look.
- Single family homes sales were down 14.8 percent from July, 505 units vs 593 units.
- Median sales price was slightly lower at $290,000.
- Median sales price is 16% higher than August 2014.
- Available homes to purchase increased from 1,064 in July to 1,165 in August.
- Average Days on Market for sold homes came in at 74 days, which was a 6.3 percent decrease from July, and the lowest number since August 2014.
This is definitely mixed news. With a slight decrease in price from last month and a decrease in sales numbers some people may be cautious. However, towards the end of summer many families have already made their move and their kids are getting ready to head back to school. There is also an increase in homes for sale which means more competition for sellers. These factors can cause our sales numbers to slow and be responsible for a slight decrease in price from July.
The important news for sellers is that we have seen phenomenal appreciation at 16% over the last year and the number of days that homes are staying on the market has decreased to a whopping 74 days. It is a great time to put your house on the market and realize this nice appreciation. Fall is a perfect time to sell before the winter and the Holidays are upon us.
Buyers should be pleased with the increase in inventory. This means that they have less buying competition, more to choose from, and may be able to purchase a home on the first try. The Federal Reserve also failed to raise the interest rates at their September meeting (you can thank the Chinese). All bets are off as to what they will do when they meet later this year. You can read more about this here.
With our growth projected to be solid for the foreseeable future, prices could continue to rise. Interest rates are also at historic lows and many believe that the Fed will take some action in the near future to raise rates. This makes both buying or selling a good strategic move for many people.
Knowing what to do when buying or selling a home can be a challenge. Having a market expert on your side is an invaluable asset. As your Dickson Realty agent, I can help provide you with up to the minute information about what is selling in your neighborhood. This can give you a definite edge.
Call me today
Best,
Kristen Gil
Broker Salesperson
Dickson Realty
775-762-7653
move2reno@gmail.com
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