March market data has been released for the Reno-Spark, NV market by the Reno Sparks Association of Realtors. The story line continues to be increasing median prices due to a lack of inventory. If you are a home buyer the market can be extremely challenging. Conversely for home sellers there has never been a better time to sell your home. The Shocket Team is helping buyers overcome challenges and sellers to maximize profits. Reno-SparksRealEstate.com
The median home price in the Reno-Sparks market went up to it’s highest level ever at $375,000. This is up 17.6% over the same time last year.
The prices are being driven up by the basic economic principle of supply vs. demand. The number of homes available for sale at the end of March is down 10% from the previous month and down significantly from the same time last year.
The market NEEDS listings. The number of new listings in March were actually less than the previous month and there were 19.7% fewer listing this March than last March.
Now more than ever these challenging market conditions require the skills and experience of an experienced Realtor.