Market Profile Report – Reno/Sparks – February 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 increased 2.79% in January 2020 to $405,000 and increased 11.88% 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 386 homes in January, which was a 25.34% decrease from December, and a 18.77% increase from January 2019.
In January, 449 new listings entered the market, which is an increase of 68.16% compared to December. When comparing year over year, the number of new listings went down by 1.97% from January 2019.
From December to January, the number of available single-family homes for sale decreased by 22.64% to 632 homes. This was the fifth consecutive month of declining inventory in the region. Along with the monthly decrease, the year-over-year number of available listings decreased by 35.90% 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 39.97% lower than the supply we had a year ago. The overall 1.21 months of inventory is firmly in seller’s market territory, making it a great time to sell with little competition in many neighborhoods. 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, so 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.