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