As of this morning Reno-Sparks Association of REALTORS is showing March sales of single family homes in the Reno-Sparks market at 495.  This is up 28.9% over February, but is down 14.5% from March of last year.   The median price was relatively unchanged at $316,500 but is up 7.3% from March 2016.  We saw an increase in new listings as is expected for this time of year at 638 new listings.  This is up 26.8% over February, but again is down from the same period last year by 17.7%

So we are seeing fewer homes listing so far this Spring, resulting in fewer sales.   Currently there are only 152 active/available single family homes for sale under $300,000.   Between $300,000 – $400,000 another 169.  The balance, 534 active listings are over $400,000.  With our median at $316,500 many of those homes are out of reach for home buyers in the area.

Where is the best opportunity in the Reno-Sparks market?  Home owners that have a home to sell in the under $400,000 price range, have equity and qualify to purchase in the over $400,000 price range.  Selling where the market favors sellers and buying where the market is more balanced, with the highest price ranges being buyers markets.

Buying or selling in the Reno-Sparks area?  The Shocket Teamm can help.

rsarinsights (1)