There are only 840 active single family homes listed in the Reno-Sparks market as of this morning. Only 166 of those are listed at $300,000 (our median price point) or below. If your home is valued between $300,000 and $500,000 there is a bit more competition with 322 active listings. As we move from Winter into Spring we are starting to see more new listings. In January there were 380 new listing and then in February we saw an increase of 28.4% to 488 new listings. We will continue to see more and more new listings each month. If you have been thinking about selling now is the time, BEFORE you see more and more competition. Contact the Shocket Team today. Reno-SparksRealEstate.com
That headline might be a little aggressive. However, as the data on the 2017 housing market begins to roll in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME!
The February numbers are not in yet, but the January numbers were sensational. Lawrence Yun, Chief Economist for the National Association of Realtors, said:
“Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home. Market challenges remain, but the housing market is off to a prosperous start as homebuyers staved off inventory levels that are far from adequate…”
And CNBC says consumer confidence in the economy is fueling the market:
“U.S. home resales surged to a 10-year high in January as buyers shrugged off higher prices and mortgage rates, a sign of growing confidence in the economy.”
The only challenge to the market is a severe lack of inventory. A balanced market would have a full six-month supply of homes for sale. Currently, there is less than a four-month supply of inventory. This represents a decrease in supply of 7.1% from the same time last year.
With demand increasing and supply dropping, this may be the perfect time to get the best price for your home. Let’s get together and discuss the inventory levels in your neighborhood to determine your next steps.