Reno/Sparks Market Report: July 2015

Reno Sparks Tahoe Homes: Reno/Sparks Market Report: July 2015!! Call Reno Sparks Tahoe Homes Today! 775-762-3182

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Reno/Sparks Market Report: July 2015

Posted by Candy Noel on Friday, August 21st, 2015 at 1:36pm.

Reno/Sparks Market Report: July 2015

 Reno/Sparks Association of Realtors has released their monthly market report for July, 2015.  The report contains valuable information regarding current trends and conditions for the area’s real estate market.  If you are planning on buying, selling, or if you simply want to learn more, the Reno Sparks Tahoe Homes team can help you to break down the report.

 Market Pulse

 As the summer buying and selling season continues, the housing market has stayed almost as hot as the temperatures outside.  It is still very much a seller’s market as homes continue to sell quickly, even at increasing prices.

Potential sellers may be catching on, though.  Although buying rates are still high, both the months’ supply of inventory and the number of new listings actually increased this month.  This is especially interesting since the number of days a house spends on the market has reached an all-time low.  Even during the housing bubble several years ago, houses were spending around 110 days on the market compared to just 79 days this month.

Current Trends to Watch

Median sales price

The median sales price has been rising since January, 2012, but the rate of increase has slowed since it climbed most rapidly back in 2012.  This is certainly a sign of stability in the market, but median prices are still increasing.  The median price climbed 4.7 percent between June and July from $279,000 to $291,000.  This also represents an increase of 16.8 percent since July, 2014.

New listings, days on market, and inventories

In such a strong seller’s market, new listings increased by 0.6 percent this month from 778 to 783.  This number is just barely down from July 2014 when there were 784.

This small increase in new listings certainly contributes to the increase in inventories.  The months’ supply of inventory increased from 2.8 to 3.2 this month.  Also contributing to this increase is a slight slowdown in unit sales this month, since the inventories are calculated based on sales rates during that month.

What is really interesting is that despite the increase in listings and the slowdown in unit sales, houses are still spending less and less time on the market.  Since reaching highs of above 150 days in 2007 and 2010, the number of days on the market has been up and down, but declined overall.  It has been declining throughout 2015 to a new monthly low of just 79 days.

It is hard to imagine days on the market falling much lower, especially if buying starts to slow down at all.  Although it is only one month, buying did indeed slow down this month.

Median Prices on Short Sales

The median prices of short sales in the area tends to fluctuate more than other prices, likely because there are far fewer of them than normal sales.  Still, the median price increased from $220,000 to $257,000 from June to July.  The last time the market experienced a sharp month-to-month climb in short sale prices from January to February of this year, it was followed by a sharp decline from February to March.  Could we see a decline next month?

 


If you're looking to sell your home or looking to buy a home, Contact Reno Sparks Tahoe Homes today!! We're here to help you with accurate local information and     strong knowledge of our real estate market from all MLS Listings and New Construction

 

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