May 2017 Reno Sparks Market Report

By
Real Estate Agent with Keller Williams Group One Reno License # 46636

The May 2017 Reno Sparks Market Report is out.  Inventory levels remain tight, forcing prices up even more.  In fact, Reno home prices hit their second highest level in over a decade.  So did total home sales for the month.  How does this impact Reno Buyers?  Read on to find out.

The May 2017 Reno Sparks Market Report showed that Reno continues to be a Seller's market. Home prices have gone up while inventory remains low.

May 2017 Reno Sparks Market Report*

Search Reno homes for saleAccording to the Reno Sparks Association of REALTORS@, total sales of existing homes in the Reno Sparks area came in at 652 units during May 2017.  That was 9% higher than May 2016.  Sales surged 27% more than April 2017.  The only other time monthly sales were higher was back in January 2005 (679).  Reno home sales alone rose 9% from the same time last year.  Meanwhile, Sparks homes showed an 8% increase in the same time period.  Housing inventory decreased even further to 1.4 months available.  This keeps the Reno market well within the Seller's favor.

The average sale price of a Reno Sparks home came in at $335,575.  Reno's median sale price went up 8% from last May to $355,500.  The last time Reno's median sale price was above $355,000 was back in January 2006.  Prices have risen over 10% since the beginning of 2017 alone.  Sparks' median sale price rose 9% from the same time last year to $309,750 in May 2017.

What Reno Buyers Need to Know

The May 2017 Reno Sparks Market Report shouldn't put a damper on Buyers' hopes for owning a home.  We're still recovering from the housing bubble "burst" from the last decade.  However, many financial experts assure us that rapidly rising prices are not a case of "housing bubble 2.0".  Mortgage debt decreased 10% since the mid-2000's.  FICO scores in America, on the other hand, are currently at their highest levels since 2004.  When adjusted for inflation, prices are still below their peak.  Contact your Reno REALTOR@ to help you start looking for your next Reno home today.

* Only statistics for existing, stick-built homes were used for the May 2017 Reno Sparks Market Report. Townhomes, condos and newly constructed homes were not included.

Charlene Hamilton, Your Reno Real Estate Specialist

Originally posted on my Reno real estate blog here: http://www.relocationtoreno.com/2017/06/26/may-2017-reno-sparks-market-report/.

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