Thanks to the Reno/Sparks Association of Realtors for the updated market statistics.
You can view the whole report here.... October 2014 Stats
Below is the summary of the main points and a video going into more detail.
- The median sales price jumped to $260,000 after falling to $239,000 in September. Much of this can be attributed to buyers aggressively trying to close before the holidays.
- The sold price per square foot hit $145. It's been a steady climb since late 2011.
- Units sold were down to 477. The lack of listings is still effecting our sold numbers.
- Days on market for regular sales was 83, REOs (bank owned) were 101 days, and short sales staying true to form with 278 days. Subtract about 30-40 days of closing from these numbers and get the real marketing time.
- October brought 517 new listings. Down from 642 in October 2014. A lack of new listings will continue to up the median sales price.
- 31 of these new listings were short sales and 22 were REOs. This is the furthest we've been from a distressed market since it collapsed.
- Month's supply of inventory dropped again to 4.1 months. Meaning, if no new houses come on the market we would run out of inventory in 4.1 months. This number can be misleading because it includes pending properties. If you take those out we would run out of houses in 2.25 months.
Overall, not much change except the surprising $11,000 jump in the median sales price. Expect a bump in sales during November and December as buyers and sellers try to close before Christmas and the New Year.
To search for homes visit RickyBeach.com
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If you have any specific questions email me at Ricky@RickyBeach.com