Reno/Sparks Active vs. Sold Report: September 2022
What’s happening with home prices, market times and buyer demand in our area? We recognize that making a decision on buying or selling your home is not easy. So, we are breaking down the numbers in our latest report on the Reno/Sparks real estate market, from the experts at Dickson Realty.
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There were 1,261 homes active on the market and available for purchase (not in contract or escrow) at the end of August, which is a 2.4% decrease from the end of July, but a 162% increase in active/standing inventory from this time last year. More listings are coming to market so there is more competition for sellers, and buyers have more time to make a decision, which means homes are taking longer to get into contract. This is not necessarily a bad thing and is a welcomed relief for home buyers in our region, many of whom have been unable to purchase in recent years because of the intense competition.
Reno/Sparks area REALTORS sold 445 single-family homes in August, which was a 3.7% increase from July but a 21% decrease from the exceptional number of sales in August 2021. These sales numbers are still very high compared to the amount of homes on the market and are evidence of continued demand from buyers in our region.
The median sales price for single-family homes in Reno/Sparks decreased by 1.7%, or $9,510 in the last month, coming in at $565,000 for August. Year-over-year, median price has increased by 6.6%, which is still above historical annual rates of price appreciation. Additionally, sellers received 98.3% of asking price on average for homes sold in the month of August 2022. The normalization in market activity and price adjustments on standing inventory should contribute to controlling the pace of price increases in the near term, making this a very good time to purchase.
Average Days on Market for August increased by 8.8% over the last month to 74 days. It also increased by 32% compared to this time last year, and this puts us back to pre-pandemic market times. Another marker of market time is Days to Contract; here we see an average of 32 days from initial listing until a home goes into contract. We noted recently that we had anticipated getting back to “normal” market conditions in the near term, and we are seeing that now with the increases in time on market.
With mortgage rate uncertainty, 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.
