According to the Reno/Sparks Association of REALTORS®, we haven’t seen total July unit sales this high since 2005. Since the beginning of 2012, the Reno/Sparks community has seen a steady increase in year-over-year sales and median prices. Looks like that trend is holding steady.
July 2015 Reno Sparks Market Report
Sellers will be happy to hear the numbers in the July 2015 Reno Sparks Market Report. There were a total of 593 Reno/Sparks homes sold in July 2015. This was 8.9% less than the previous month. However, it was 11.9% higher than the total in July 2014. The amount of new listings on the market was down only a slight 0.1% from last year. Almost one-third of these new listings were under $250,000. Short sales and REOs made up 5% of the total Reno Sparks listings in July.
The July 2015 Reno Sparks Market Report also stated that there was only 3.2 months of inventory at the end of July 2015. That is down from the 4.6 months of inventory we saw at the same time last year. The National Association of REALTORS® describes a “balanced market” (tilted in neither the Buyer’s nor the Seller’s favor) as between five and seven months of inventory. Less than that favors the Seller. Less inventory with a high demand can bring prices up. It can also create a bidding environment when more than one Buyer is interested in a property.
The median sales price, according to the July 2015 Reno Sparks Market Report, was $291,990. This was 4.7% higher than June 2015 and 16.8% higher than July 2014. The median price is the point where exactly half of the homes sold under this price and half of the homes sold over it.
As you can see, it’s a great time to sell your Reno Sparks home.
Originally posted by Charlene Hamilton at Reno Happenings.
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