Market Profile Report – Reno/Sparks – September 2018
Let’s take a look at a snapshot of the Reno/Sparks Real Estate Market comparing July to August 2018, and this year to August 2017.
When looking at single family residences and condos, 56 more new listings entered the market in August than did in July, which is a 6.6% increase. When comparing year over year, the number of new listings in August 2018 increased 7.2% over August 2017.
As for the number of sales, there was a 2.3% decrease from July to August, and a 21.5% decrease when compared to this time last year. While sales decreased during this reporting period, there is no indication as of this writing that we will see a significant downward trend going forward.
Inventory of available homes has increased by 7.8% to 1,479 available homes in August. That is 16.9% greater than August of 2017. This makes sense, as we had fewer sales and more new listings entering the market.
Median Price has decreased in the greater Reno/Sparks area for the first time in many months. The median price of $352,500 represents a decrease of $10,500 from July to August 2018. However, the year over year price remains up $22,500 or 6.8% higher than August 2017.
The Months Supply of Inventory represents how many months it would take to sell all the homes currently available if no new homes entered the market. Last year at this time, the Months Supply of Inventory was over than 30% lower than the inventory we have today. This is good news for buyers who have been struggling to find a new home to purchase.
What does all this mean if you are looking to buy or sell a home? For sellers, it means that while it is still a great time to sell, greater inventory will present buyers with more options, so you’ll want your home to be prepared before putting it on the market. For buyers, you have more options, but demand remains strong, so you will want to be pre-qualified before looking at homes.
Your Dickson Realty agent can help you navigate today’s market to sell at the best price, buy the home of your dreams, or both.