Active vs Sold Report- October 2020
The Reno/Sparks real estate market continues to be at the forefront of many conversations, with low inventory, surprising median prices and fast market times. Here’s the latest information from the experts at Dickson Realty.
There were 425 homes active on the market and available for purchase (not in contract or escrow) at the end of September, which was an 8% decrease from August and a staggering 67% decrease from September 2019. Our market has had a steady decline in inventory since April, which is contributing to higher prices and hurting affordability. Fortunately, mortgage rates are remaining at near all time lows, which brings some relief to buyers.
Reno/Sparks area REALTORS sold 681 single family homes in September, which was a 4% increase from August, and a 17% increase from last year at this time.
The median sold price for single family homes in Reno/Sparks was $440,000 in September which represents a very small 1% decrease from August. The better measure is year-over-year, and here the regional median price is up by 11%. “Median” means “in the middle”, so half of homes sold for less and half sold for more.
The Average Days on Market decreased again from 75 days in August to 71 days in September. Days on Market has decreased every month since January 2020. Last year at this time, the days on market was 15 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, and to have an expert assist you with navigating the negotiations when making a home purchase.
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.