Reno/Sparks Active vs. Sold Report: November 2022
What’s happening with the real estate market 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 1,236 homes active on the market and available for purchase (not in contract or escrow) at the end of October, which is a 3% decrease from the end of September, but a 140% increase in active/standing inventory from this time last year. The year-over-year increase sounds dramatic, but we are still not back to normal levels of inventory that represent a healthy market. More listings means that buyers have more time to make a decision, and homes take a little 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 376 single-family homes in October, which was a 21% decrease from September and a 34% decrease from the exceptional number of sales in October 2021. These sales numbers are still very good compared to the amount of homes on the market and is evidence of continued demand from buyers in our region.
For the first time in five months, the median sales price for single-family homes in Reno/Sparks increased by 1.5%, coming in at $540,000 for October 2022, which is exactly what the median price was in October 2021. Additionally, sellers received 98% of asking price on average for homes sold in the month. 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 October increased by 12.6% over the last month to 89 days. It also increased by 46% compared to this time last year, and this puts us back to 2018 and 2019 market times. Another marker of market time is Days to Contract; here we see an average of 36 days from initial listing until a home goes into contract. We’ve talked about getting back to “normal” market conditions for the past several months, and we are seeing that now with the increases in time on market.
With the instability in mortgage rates 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.
