The median price for the Reno-Sparks market for single family homes jumped again in May to $505,000. We have seen the median price increase every month this year – January $449,900, February $450,000, March $485,000, and April $494,000. It’s not surprising to see the median jump up again this month to it’s highest level EVER! Low inventory, low interest rates and strong buyer demand continue to drive the prices up.

OVER ASKING OFFERS ARE THE NAME OF THE GAME

In May we saw every price point have the majority of the offers in the over asking price category.

Price Range# Sales Over Ask% TotalAverage Overasking
Under $300,0006350.00%$9,000.00
$300,001-400,000966971.88%$15,968.00
$400001 – 500,00016011270.00%$22,379.00
$500001 – 600,000856576.47%$31,128.00
$600001 – 700,000685175.00%$38,321.00
$700001 – 800,000412970.73%$37,442.00
$800,001 – 900,000201050.00%$55,470.00
$900,001 – $1m10880.00%$39,700.00
Over $1m442352.27%$99,507.00
53037069.81%

Inventory remains low with 246 active listings as of this post. The median price of the active listings is $689,750. Here is the number of active listings by price point.

Price Range
Under $300,0001
$300,001-400,00028
$400001 – 500,00040
$500001 – 600,00033
$600001 – 700,00024
$700001 – 800,00020
$800,001 – 900,00021
$900,001 – $1m10
Over $1m69

These market conditions continue to challenge even the most seasoned agents both on the selling and buying sides. Working with an experienced agent to has market knowledge, proven strategies and excellent communication skills is key. The Shocket Team provides this proven experience needed in these challenging market conditions.