In the Reno-Sparks market it is clear that low inventory conditions are affecting our market. July 2017 sales data is in and it clear that low inventory is having a direct affect on our market. If you are buying or selling and looking for a professional that can interpret the data for you call the Shocket Team. Reno-SparksRealEstate.com
So let’s look at the data…
Median Price – The median price for July 2017 jumped 5.1% from June 2017 and is up 12.6% from July 2016. This is above the median price we saw at the height of the market in 2005 before our market crashed.
Units Sold – the units sold in July 2017 is down 17% from the previous month and up just slightly from the same time last year .
New Listings – a significant 23% drop in new listings in July from the previous month and 14.6% from July 2016.
Inventory – July 2017 saw inventory levels also drop, 3.5% from June 2017 and 17.6% from July 2016.