Monday, August 29, 2016

At the end of July, 2016, the median home price for the Reno-Sparks region climbed to $318,000, a 2% increase from June, and a 9.7% increase from a year ago. Fueled by high demand, low mortgage rates and job growth in the region, we should expect the median price to continue to climb as demand in the most affordable price ranges out paces the supply of homes.  However, I believe that a SHIFT is coming.

The Average Days on Market for July ticked up slightly from the prior two months. We have been hovering near the limit of how fast inventory can turn over for the past few months. The slight increase in Days on Market from 79 to 87 days is not indicative of less demand. We expect the Days on Market to remain low for at least a few more months.  However, I believe that a SHIFT is coming.

Why should this information matter to you? For sellers in price ranges below $500,000, the low inventory and high demand make this a great time for a discussion about why you should consider selling now.
For buyers, mortgage rates are expected to remain low for the near term, but that can’t last forever. If you are in the market to purchase, you can be one of the first to know about new listings by visiting my website. Listing information is updated every 30 minutes, so you will always have the latest information.

As a Dickson Realty agent, I have the experience, the tools and the technology to stay on top of the market that will help you buy or sell at the right price.  These statistics are based on data from the past. What is currently happening in our market may be different.  I do believe that we are seeing a SHIFT and that this will have an impact on both buyers and sellers.

I have been helping families buy and sell homes in the Reno/Sparks area for over 19 years.  It is vital that you have a solid, well respected, and seasoned Realtor on your team when you are looking to buy or sell a home. Please contact me today for more market statistics or information about what is happening with real estate in your neighborhood.

Kristen Gil ~ Broker/Salesperson ~  775-762-7653 ~


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