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 real estate market, from the experts at Dickson Realty.
There were 514 homes active on the market and available for purchase (not in contract or escrow) at the end of April – a 65.8% increase from last month and a 105% increase in active/standing inventory from this time last year. We are starting to see more listings come to market as we are solidly into Spring, and it is welcomed relief for home buyers in our region.
Reno/Sparks area REALTORS sold 490 single family homes in April, which was a about a 2% decrease from March and a 16% decrease from April 2021. These sales numbers are still very high compared to the amount of homes on the market and is further evidence of strong demand in our region.
The median sales price for single-family homes in Reno/Sparks increased by over 3%, or almost $20,000 in the last month, coming in at just under $595,000 for April. That is another new record for monthly median price in our region. Year-over-year, median price has increased by 20%. Additionally, sellers received 101.4% of asking price on average for homes sold in the month of April 2022.
Average Days on Market for April increased by 5% over the last month to 62 days. Days on market also decreased by about 13% compared to this time last year. Another marker of a fast market is Days to Contract; here we see an average of 6 days from initial listing until a home goes into contract.
With mortgage rates on the rise lately, 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.
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.