June 2015 Reno Real Estate Market Statistics Report
Reno Sparks Association of Realtors® has released their monthly market report for the Reno Sparks Region for the month of June, 2015.
To read the entire report, click the image below.
Overview:
Median Sales Price: $278,500 which is a decrease of -2.3% ($6,500) from May, 2015 which had a median sales price of $285,000. Year over year the Reno real estate market is up from $250,000 in June of 2014 an 11.4% increase in median sales!
Number of Units Sold: 622 units which is up by 8.4% compared to 574 in May, 2015. Year over year Reno Realty is up by 10.1%, since there was only 565 units sold in June of 2014.
Days on Market: Days properties in Reno remain on market for June 2015 was only 84! This is a downward trend (a good thing for Sellers) compared to 92 DOM in both May & April, 2015 and 89 DOM in May of 2014.
Summary:
The Reno realty market saw a shrinkage in DOM (Days on Market) of 6% year over year, this means inventory is moving faster than it was a year ago. This type of trend continuing month over month may cause a significant housing shortage while also moving prices upward. Typically in our market there will be waves, for instance, in May we saw an increase in price over the previous month of April. While some of this could be considered seasonal appreciation, it was also due to the shortage of listings for sale. Buyer’s can only wait so long before they need to find somewhere to call home. In May, as expected buyers went on a spending spree and bought up a lot of inventory, this lead Sellers to raise prices, which typically go much higher than the current market can support. In turn, this caused the month of June to remain stagnant, while more homes sold, they sold for a slightly lower price. In July it is expected that we’ll see a price increase similar to that of May as the cycle continues in Reno’s appreciating marketplace.
If you are thinking about selling, be sure to contact Kristopher Kent of Reno Realty Home Values for a home value analysis.