September single family home sales data is out. Here are the highlights:
- The median price dropped 3.7% from the previous month. This is the second monthly decline after a peak of $355,000 in July.
- The number of units sold of concern with a drop of 18.2% from the previous month and 7.3% down from last year.
- New Listings are also down significantly 25.2% from previous month and 22.9% from the same time last year.
If the median price continues to decline or stay the same into October we can begin to say that we are seeing a leveling in our market. Many in the real estate market remain concerned that the number of new listing and the extremely low inventory levels are counteractive to our market growth. As of this morning there are only 186 active listings in the ENTIRE Reno-Sparks market under the median price of $335,000. Conversely there are 430 active listings over $500,000 a price range out of reach to many buyers.
If you look at the single family homes sold in September 299 sold at or below the $335,000 median price and only 93 homes sold over the $500,000 range. The demand for affordable housing continues to be strong in our market. If you are considering buying or selling in the Reno-Sparks area the Shocket Team can help you understand the market. Reno-SparksRealEstate.com