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.