Affordability continues to be THE topic of conversation in the Reno real estate market. Prices increased almost 10% from the same time last year. On the other hand, sales have slowed down. However, that is typical for this time of year. Inventory levels also increased. For a more in depth look at the October 2016 Reno Market Report, please read on.
October 2016 Reno Market Report
According to the Reno/Sparks Association of REALTORS®, the median sale price for a single-family residential Reno/Sparks home sold in October 2016 was $306,425. While this increased 9.5% from the previous October's median, it dipped slightly (1.2%) from September 2016's median. July saw the highest median sale price this year at $318,000.
Buyers paid an average of $178.78/square foot in October 2016. This was 0.5% higher than September 2016 and 9.3% higher than the same time last year. The price-per-square-foot has hovered between $177 and $179 since June 2016. The Suburban Southwest area of Reno continues to have the highest median sale price (just over $650,000). The West Suburban area comes in second at just above $450,000. The North Valleys show the most affordable prices, at a median just below $250,000. If this is outside your budget, you may want to consider a condominium or a townhome as an option.
Total Reno/Sparks Home Sales in October 2016
The Reno/Sparks market saw a total of 484 units sold in October 2016. That marked a 10.4% decrease from the same time last year. It also showed a 23.8% drop from the previous month. June 2016 came in with the highest units sold this year (660).
Reno/Sparks October 2016 Inventory
While sales decreased, the October 2016 Reno Market Report indicated that inventory levels increased. In fact, we saw double digit increases from last year (+17.4%) as well as last month (+19.3%). As of the end of October 2016, there was a 4.3 months supply of inventory available. New listings (564) increased 1.4% from last year but decreased 19.8% from the previous month.
What Can We Learn from the October 2016 Reno Market Report?
The Federal Reserve meets for the final time this year in December. There has been talk that rates may begin to go up at that time. The last increase we saw earlier this year didn't affect mortgage rates much. However, to take advantage of any tax credits homeownership gives you, you must purchase a property by the end of this year. That doesn't leave much time. Contact your Reno REALTOR® today so we can have you celebrating the holidays in your dream home this year.
Originally posted on my Relocation to Reno real estate blog here: http://www.relocationtoreno.com/2016/11/21/october-2016-reno-market-report/.