Active vs. Sold Report – Reno/Sparks – February 2022
The high demand for homes continues to be a contributing factor 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.
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There were 228 homes active on the market and available for purchase (not in contract or escrow) at the end of February. This is a 1.7% decrease from last month. But compared to this time last year, today’s standing inventory is 20% higher than the end of February 2021, which is encouraging. It is typical for inventory to be lower during the winter months of the year, so a decrease from January to February is not surprising. Home buyer demand is still largely responsible for most new listings going into contract quickly. That strong demand combined with low inventory causes prices to rise. Fortunately mortgage rates have remained relatively low, which helps to bring relief to buyers.
Reno/Sparks area REALTORS sold 373 single family homes in February, which was a 7.2% decrease from January and a 3.4% decrease from February 2021. The decreases can most likely be attributed to the lower amounts of new listings and inventory over the past few months, which is normal for this time of year. The number of sales is still high compared to the amount of standing inventory and is further indication of the strong demand.
The median sales price for single-family homes in Reno/Sparks decreased by almost 2%, or just over $10,000 in the last month, coming in at $559,000 for February. Despite the monthly decrease, $559,000 is still a 24% increase over the $450,000 median price in February last year. We’ve been saying that the annual pace of median price increase is not expected to continue long-term, and we continue to stand by that belief. Additionally, sellers received 100.3% of asking price on average for homes sold in the month of February 2022.
Average Days on Market for February decreased by about 7% over the last month to 67 days. That is almost exactly the same Days on Market number as this time last year. Another marker of a fast market is Days to Contract; here we see an average of 5 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 can present you with selling options that allow you to tap into the home equity you may currently have to write more competitive offers on a new home while remaining in your current 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.