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Current Trends in Somersett Real Estate Market
Somersett has very interesting demographics. Its population is mostly comprised of married college graduates and most residents here are primarily female property owners, with age ranging from 60 to 69.
The top job categories in Somersett are administration, executive, office and construction. With an average winter temperature of 28 degrees and summer temperature of 96 degrees, it is really a suitable location for residential living.
If you’ve decided that Somersett is the place for you, consider the following information:
· The total number of residential units in Somersett is around 124,300 and the number of households totals 116,840. That means there is just enough supply and demand for Somersett real estate.
· The cost of building a new home in Somersett is classified into the following:
- Average new sales price - $652,260. This figure is taken from Q3 of 2012.
- Median new sales price - $595,164. This figure is also taken from Q3 2013.
· In the entire county there are approximately 6,216 total completed housing units for the low and moderate income families in Somersett, as of 2012.
· The average price per square foot in Somersett is $141.
· Currently, the average home price is approximately $341,550.
· The median prices of sold housing units in Somersett as of January 2013 is $334,710 up from January 2012’s figure of $248,130.
The implications of these figures on potential homebuyers are the following:
· Prices of real estate have significantly gone up since 2011. The prices of housing units hit declined in 2011, but have continuously increased since then.
· Demand for residential properties in Somersett continues to increase.
· Home values have also increased. Gated communities such as ArrowCreek, Montreux, Somersett and Caughlin Ranch are getting renewed confidence from home buyers, particularly out of state investors.
· The severe real estate depression that hit Nevada in 2006, also hit Somersett pretty hard. But since 2011, Somersett's real estate market recovered and experienced a continued upswing. This is mainly due to the increase in demand as well as the low housing inventory in Reno.
Based on the above figures, it appears that the real estate market in Somersett is on the increase, much like the Reno real estate market. Evidently, the financial set back from the previous years have not dampen the long-term confidence of real estate investors.
So, is it the right time for you to invest in real estate in Somersett? A good real estate broker, such as Marshall Realty will tell you that it depends on your needs. However, it is good to note that the real estate market here is going north.
Marshall Realty is a smart sale option arising in real estate Nevada. Choose Marshall Realty for the best value of Reno real estate market or visit www.marshallrealty.net for accurate information about Carson City Homes.
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