Active vs Sold Report- September 2020
It may be nearing the end of summer, but the Reno/Sparks real estate market is still hot. Here’s the latest information from the experts at Dickson Realty.
There were 462 homes active on the market and available for purchase at the end of August, which was a 17% decrease from July and a staggering 66% decrease from August 2019. Our market has had a steady decline in inventory since April, which is driving prices up and hurting affordability. Fortunately, mortgage rates are remaining at near all time lows, which brings some relief to buyers.
Reno/Sparks area REALTORS sold 647 single family homes in August, which was a 13% decrease from July, and a slight increase from last year at this time. This is another statistic that is down due to the low available inventory.
The median sold price for single family homes in Reno/Sparks was $444,900 in July which is a 2.5% increase from July and the fourth month of consecutive increases. Year-over-year, the regional median price is up by 11.5%. “Median” means “in the middle”, so half of homes sold for less and half sold for more.
The Average Days on Market for homes sold slightly decreased from 76 days in July to 75 days in August. Days on Market has decreased every month since January 2020. Last year at this time, the days on market was 11 days higher, at 86 days. We are in a very fast paced market, so it is more important than ever to be pre-qualified with a lender before looking at homes to buy.
If you have any questions about this report, or would like to speak with a lender about getting pre-qualified, please feel free to reach out. It would be a pleasure to assist you.