Active vs. Sold Report – Reno/Sparks – November 2021
One of the most talked about topics in real estate is the high demand for homes, which is contributing to record median prices and fast market times in our area. Here’s the latest information on the Reno/Sparks market, from the experts at Dickson Realty.
There were 516 homes active on the market and available for purchase (not in contract or escrow) at the end of October. This is a 4.6% decrease from last month, but compared to this time last year, the standing inventory is nearly 50% higher than October 2020. Even with the large year-over-year increase, strong demand from home buyers is putting most new listings into contract quickly and often with multiple offers. This causes prices to rise. Fortunately mortgage rates are remaining near all time lows, bringing some relief to buyers.
Reno/Sparks area REALTORS sold 565 single family homes in October, which was about a 5% decrease from September and a 10% decrease from October 2020. The yearly decrease can most likely be attributed to the high amounts of sales in the fall of 2020 when Covid restrictions eased from the springtime. The number of sales is still high compared to the amount of standing inventory and is further indication of strong demand from buyers.
Once again, there is a new monthly median sold price record for single family homes in Reno/Sparks, coming in at $540,000 for October. That is about a 2% increase from September and an 18.5% increase from October 2020. The annual pace of increase is very unusual and not expected to continue long-term. Additionally, sellers received 100.3% of asking price on average for homes sold in the month of October 2021.
Average Days on Market for September was 61 days. That is a decrease of almost 5% over the last month and a decrease of over 20% when compared to this time last year. Another marker of a fast market is Days to Contract; here we see an average of 9 days from initial listing until a home goes into contract. 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 may currently have to write more competitive offers while remaining in your home throughout the buying process. Reach out 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 call or text. It would be a pleasure to assist you.