Homes continued to sell quickly in the Reno-Sparks housing market in April 2021, fueling increasing prices and high demand while creating opportunities for sellers and homeowners.
If you want to learn everything you can right now about the Reno-Sparks housing market keep reading. This update will examine how buyers and sellers can take advantage of this unique time and set of circumstances. Here’s what happened in real estate for April 2021 and what we may see moving forward.
Median Housing Price Increases In Reno-Sparks Housing Market
In April, the median sales price of homes in Reno and Sparks increased to $494,500, or 2% in one month. If that trend continues, prices could rise 24% in the next 12 months. This is also a 19% increase in the median sales price compared to last year.
Buyers Continue To Offer Over-Ask Bids For Homes
Some of you reading this right now might be wondering if prices can continue to increase by 2% month-over-month for a sustained period. While no one can tell the future, we can look at data to give us a sense of the market’s conditions. According to our over-ask analysis graph, courtesy of one of our agents, Amy Shocket, homes were selling for almost 103% over the asking price during April. That is a half percentage of an increase in real estate sales prices compared to last month in March and a 4% increase compared to the same time the previous year.
New Listings Come To The Reno-Sparks Housing Market
Overall, we saw 636 new real estate listings during April, which equates to about a 5% increase from March and almost a 9% increase compared to the same time last year. We may continue to see an increase in inventory as spring and summer are typically the beginning of the busiest seasons for real estate in our region. Stay busy, stay patient, and keep your eyes peeled for new home listings come June and July 2021.
Housing Contracts Drop Slightly, But Still Up Compared To 2020
While we did see a 3.7% decrease in contracts compared to March 2021, there were still almost double the number of new contracts compared to the same time last year for a total of about 576. That is excellent news! And while this number may be influenced by the fact that this time last year, we were experiencing the chaos that came with a global pandemic, it’s still an indicator of a very healthy market.
We also saw a jump in units sold in the Reno-Sparks housing market in April 2021. About 570 homes sold, an increase of 21.5% year over year.
Majority Of Homes Sell For $400,000 To 700,000
As of April 30, 2021, more than 1,800 homes have sold in the Reno-Sparks housing market so far this year, a 2.4% increase year over year from 2021. More than 80% of those homes sold for less than $700,000, and 29% of total sales were for $400,000 or less. Luxury homes, those listed at $1 million and more, made up about 8% of sales, and we expect to see this segment take up a larger piece of the pie in the coming months.
Fast-Selling Inventory Continues To Benefit Sellers
The quick pace of sales continues to be a significant driver of increasing home prices and demand in the region. For homes $1 million and less, we are now measuring standing inventory in days rather than months. For reference, these time frames refer to how long it would take to exhaust all the active and pending inventory at the current sales rate. A balanced inventory, where neither buyers nor sellers have an advantage, is considered six months of inventory.
Homes Sell Quickly In Reno-Sparks Housing Market
Interestingly, the number of days a home stayed on the market in April 2021 dropped to 54 days on average. Sellers can likely get their home into a contract in the first to two weeks of listing and close within 30 to 40 days from there.
What To Do With This Information…
Sellers
If you’re thinking about selling your home, now is the time to take advantage of increasing prices and fast market times. However, even with these advantageous circumstances, you may be concerned about finding a new home to live in once you sell your current property. In this situation, you need an expert agent who can help you navigate the various options available to you. Our Dickson team can help you sell your current home and find a new home while minimizing the disruption to your life.
Buyers
We know it’s frustrating out there, but don’t lose hope! Low-interest mortgage rates continue to make it possible to afford more home, and there is new inventory on the way. Being prepared with a pre-approved mortgage and having an experienced Realtor by your side can make all the difference.
