Active vs. Sold Report – Reno/Sparks – August 2021
Nationally and locally, one of the most talked-about themes in real estate is high demand for homes, which is contributing to record median prices and fast market times. Here’s the latest information on the Reno/Sparks market, from the experts at Dickson Realty.
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There were 415 homes active on the market and available for purchase (not in contract or escrow) at the end of July. There have been small but steady increases in standing inventory every month since March. When compared to this time last year, the standing inventory is 25% lower than July 2020. Although that is a significant decrease, the average year-over-year percentage decrease for each month over the past year was 65%. The strong demand from home buyers is putting most new listings into contract very quickly and often with multiple offers. All of this causes prices to rise. Fortunately, mortgage rates are remaining near all-time lows, bringing some relief to buyers.
Reno/Sparks area REALTORS sold 639 single-family homes in July, which was a slight decrease from June and a 15% decrease from July 2020. The number of sales is further indication of strong demand from buyers.
The median sold price for single-family homes in Reno/Sparks decreased by less than 1% from June to July, coming in at $525,000. Even with the slight monthly decrease, that median price is still 21% higher than the median price in July of last year. The annual pace of increase is very unusual and not expected to continue. Our average monthly median price increase over the last year has been 2 – 2.5% and we expect a return to that average by the end of this 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 July 2021.
Average Days on Market for July 2021 was 64 days. That is an increase of 14% over the last month. Though it increased between June and July, Days on Market was 11 days higher in July 2020. Another marker of a fast market is Days to Contract; here we see an average of 15 days from initial listing until a home goes into contract. This is 57% fewer Days to Contract than July 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.
Dickson Realty agents have selling options that allow you to tap into the home equity you currently may have to write more competitive offers while remaining in your home throughout the buying process. Reach out today to learn more about the Dickson Offer Optimizer.
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.
