Active vs Sold Report Reno/Sparks as of April 30th
Nationally and locally, the most talked about themes in real estate are low inventory, record median prices and fast market times. Here’s the latest information on the Reno/Sparks market, from the experts at Dickson Realty.
There were 251 homes active on the market and available for purchase (not in contract or escrow) at the end of April, which was a welcomed increase of about 34% from March. Despite the increase, inventory is down by a remarkable 66% when compared to April of last year. This, coupled with continued strong demand from home buyers is contributing to ever-higher prices and dampening affordability. Fortunately, mortgage rates are remaining near all time lows, which brings some relief to buyers.
Reno/Sparks area REALTORS sold 575 single family homes in April, which was an increase of 22.6% from March and a 46.7% increase from the 392 sales in April of 2020. More homes are coming on the market, but with the high demand we are seeing, they are being sold just as fast.
The median sold price for single family homes in Reno/Sparks went up again by 1.9% to $494,000 in April, which is another new record price for our region. That price is about 19% greater than the $415,500 price in April of last year. “Median” means “in the middle”, so half of homes sold for less and half sold for more. Additionally, sellers received 102.9% of asking price on average, for homes sold in the month of April 2021.
The Average Days on Market decreased by a significant 14 days, or 20.6%, over the last month, coming in at 54 days. Days on market was 26 days higher in April 2020. In this very fast paced market, it is more important than ever to be pre-qualified with a lender before looking at homes to buy, and to have an expert REALTOR assist you with navigating the negotiations when making a home purchase.