All signs are pointing toward another record setting year in Northern Nevada real estate.
We have an extraordinary number of buyers out there right now and hardly anything to sell them! Last month 538 single family homes sold in all of Reno/Sparks. We only had 306 new listings put on the market. Those numbers brought our absorption rate down to .4% (this is how long it would take to sell all the active listings if we didn’t get new listings). That’s less than 2 weeks.
Could we see median home prices soar to $500k?
Our median sales price clocked in at $449,600. THIS IS 14% ABOVE WHAT WE WERE AT LAST YEAR!! To give you something crazy to think about… If we continue that 14% trend this year, we are looking at seeing a median sales price well into the $500k range by August. In Reno. Wow.
What do I need to know?
We are looking at 31 days to sell your house last month. That’s less than half the time it was taking last year at this time. Less than half the time to sell a house and almost 75% less homes to sell than last year. Let that sink in.
Bottom line is your house is probably worth more than you even think right now. Give me a call and we can talk some numbers.
SIGN UP FOR CAL’S RENO REAL ESTATE INSIDER NEWSLETTER FOR UPDATES ON THE LOCAL MARKET, NEW/NOTEWORTHY BUSINESSES IN THE AREA AND MUCH MORE.