Market Profile Report – Reno/Sparks – May 2020
These are unprecedented times, but even during uncertainty, people are needing 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 seriously and we 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 April, 2020.
The median price in Reno/Sparks was flat between March and April, staying at $415,000. When comparing year over year, median price increased 10%, which is a very healthy growth rate.
Reno/Sparks REALTORS sold 385 homes in April, which was a 24.5% decrease from March, and a 28% decrease from last year at this time.
In April, 579 new listings entered the market, which is an decrease of 9.7% compared to March. When comparing year over year, the number of new listings went down by 29.6% from April 2019.
From March to April, the number of available single-family homes for sale increased by 3.5% to 741 homes. This was the 2nd consecutive month of increased inventory in the region. Although we had a slight bump up in available inventory month-over-month, the year-over-year number of available listings decreased by 23%.
The Months Supply of Inventory (MSI) represents how many months it would take to sell all the homes currently available if no new homes entered the market. As of the end of April, the MSI was 42 days overall, which is 30% 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 a good time to sell with little competition in many neighborhoods. For buyers, current interest rates may make this a good time to purchase, however the low inventory and fast market times means it’s important 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.