Active vs Sold Report- March 2020
Here’s what you need to know about the Reno/Sparks real estate market, from the experts at Dickson Realty.
There were 522 homes active on the market and available for purchase at the end of February, which was a 17% decrease from January and a staggering 42% decrease from February 2019. Although it is not uncommon to see a lower number of homes for sale this time of year, we have not had inventory this low in recent history.
Reno/Sparks area REALTORS sold 451 single family homes in February, which was an 16% increase from January and a 25% increase from February of 2019. Demand for homes is expected to remain strong, even with the lower inventory.
The median sold price for single family homes in Reno/Sparks was $391,500 in February, which was slightly less than January. The regional median price is up by 5% year over year. “Median” means “in the middle”, so half of homes sold for less and half sold for more. An annualized upward trend in median price is expected for the foreseeable future.
The Average Days on Market for homes sold decreased by 13% to 100 days over the last month. Last year at this time, days on market was slightly higher at 107 days. The Days on Market that we see today represents a fast paced market, so it is important to be pre-qualified with a lender before looking at homes to buy, and ensure you are prepared to make an offer when you find the perfect house to call home.
If you have any questions about this report, please reach out to one of our neighborhood experts at Dickson Realty. It would be our pleasure to assist you.
