Let’s review the Reno-Sparks real estate market, comparing month over
month activity from March to April 2018 and year-over-year activity to
According to the Reno Sparks Association of Realtors, the Median Sold
Price for single family homes and condos in Reno/Sparks increased by
1.4% to $355,000 in April. A 15.6% increase was seen compared to a
year ago when the Median Price was $306,995. This year-over-year
change is a better indicator of how the market is performing. Continued
low inventory levels and sustained demand from home buyers are the
primary reasons for the double-digit annual increase in value. We
expect that prices will continue to climb until more homes are available
in the market.
The number of units sold decreased by 13.2% in April, with 561 sales
versus 646 in March. We also saw a decrease of 8.6% in unit sales since
April of last year. Prior months’ unit sales have been brisk. This is the
first month to month decrease in units sold this year.
There were 742 new listings on the market in April, which was a 6.6%
increase from the 696 in March. Although this looks encouraging, it is
15.9% lower than the 882 new listings that came on the market in April
2017. A strong seller’s market is expected to remain in many price
ranges until more new listings are offered for sale in the region.
The Inventory numbers set the stage for the market conditions today.
There were 755 homes available for sale at the end of April, which was
a 3.3% decrease from the 781 on the market in March. When compared
to April of last year, a much more considerable decrease of 40.5% was
seen in the number of homes for sale in Reno/Sparks. If you are
planning to sell, a Dickson Realty neighborhood expert can explain how
buyer demand for your house will be strongest at times when there is
less competition among sellers, which can lead to a shorter time on
market or a higher sale price.
The Month’s Supply of Inventory for homes in Reno/Sparks increased
from 1.2 months in March to 1.3 months in April. It is reassuring to see
an increase, but current inventory is still nearly 35% lower than April of
last year. This reaffirms that now is a time that a home can be sold
quickly in most price ranges and most neighborhoods.
The low housing inventory and our region’s economic growth will
continue to drive home prices up in the near term. We still have very
low mortgage rates, which will help maintain the demand from home
buyers in the market.
Whether you are buying or selling, Dickson Realty agents have the
experience and innovative technology to stay in tune with the market.
For up to the minute information on the local Reno and Sparks real
estate market, contact a neighborhood real estate expert at Dickson