Market Profile Report – Reno/Sparks – January 2020
Here’s what is happening in the Reno/Sparks real estate market. Our analysis includes single family homes and condo activity in the region.
The median price in Reno/Sparks decreased 1.6% in December 2019 to $393,500, but increased 7.8% year-over-year. We’ve been hovering at this median price since September of this year, with some months slightly higher or lower.
Reno/Sparks REALTORS sold 508 homes in December, which was a 12% increase from November, and a 32% increase from November 2018.
In December, 260 new listings entered the market, which is a decrease of 37.5% compared to November. When comparing year over year, the number of new listings was also down by 14% from December 2018.
From November to December, the number of available single-family homes for sale decreased by 16% to 817 homes. This was the fourth consecutive month of declining inventory in the region. Along with the monthly decrease, the year-over-year number of available listings decreased by 32% as well.
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. Not surprisingly, the current inventory of homes available for purchase is 35% lower than the supply we had a year ago. The overall 1.6 months of inventory is firmly in seller’s market territory, making it a great time to sell with little competition in many neighborhoods and price ranges. Five to six months of inventory is considered to be a balanced market.
What does all this mean if you are looking to buy or sell a home? For sellers, it means that it is still a great time to sell, as inventory is low and prices are appreciating. For buyers, the low inventory and fast market times means it’s more important than ever to be pre-qualified with a lender before looking at homes, you are ready to go when it’s time to make an offer.
If you have any questions about this report or the real estate market in our region, please reach out.