Today we’ll be going over the latest numbers for the Reno, Carson City, and Carson Valley areas. We’ll be focusing primarily on the Reno numbers, but the changes are similar for each of the three markets. You can see a chart with the numbers of all three beginning at 0:27 in the video.
What changed in the Reno-Sparks market from January 2018 to January 2019?
- Average sales price increased from $381,272 to $387,449—a 1.59% increase
- Quantity sold decreased from 534 to 276—a 93.48% decrease
- Dollar volume sold decreased from $203,599,158 to $106,935,802—a 90.39% decrease
- Average days on market increased from 66 to 99—a 33.33% increase
- The number of new homes decreased from 87 to 21
Home inventory is going to remain low, but because of the high demand for homes, prices will likely increase. Homes will still stay on the market for a longer time, however, as there are fewer qualified buyers. This is primarily due to the perception buyers have of rising interest rates on the horizon.
If you’re a buyer, know that home values will increase throughout the year. You want to buy sooner rather than later.
Sellers, you want to make your home more marketable. You want to create value in the eyes of your buyers since you’ll have competition among other sellers. You also want to price your home properly from the outset. Lastly, you want to use the services of a professional Realtor—they know the best ways to ensure your home sells quickly and for top dollar.
If you’d like my guidance throughout the home buying or selling process, have any other questions, or need more information, feel free to reach out to me. I look forward to hearing from you soon.