Market Profile Report – Reno/Sparks – March 2020
These are challenging and unprecedented times, but even during uncertainty, people will continue to buy and sell real estate for many reasons. The health and well-being of our clients, agents, employees and community is of the utmost importance to us. We take the coronavirus outbreak very seriously and we will continue to take steps to ensure that we are as prepared, organized and proactive as possible.
Below is an update on the Reno/Sparks real estate market. Our analysis focuses on single family home activity in the region for the month ending February, 2020.
The median price in Reno/Sparks decreased 3.33% from January to February, to $391,500. When comparing year over year, median price increased 5.2%, which is a healthy growth rate.
Reno/Sparks REALTORS sold 453 homes in February, which was a 16% increase from January, and a 25% increase from February 2019.
In February, 516 new listings entered the market, which is an increase of 12% compared to January. When comparing year over year, the number of new listings went up by 16% from February 2019.
From January to February, the number of available single-family homes for sale decreased by 17.41% to 522 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 42.32% 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 47% lower than the supply we had a year ago.
What does all this mean if you are looking to buy or sell a home? If you need to move, this is still a good time to sell with little competition in many neighborhoods. For buyers, lower interest rates may make this a good time to purchase, however 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.
If this is not the right time for you to buy or sell immediately, we certainly understand and will be here when it is the right time for you. As always, if you have any questions about this report or the real estate market in our region, please reach out.