Reno/Sparks Active vs. Sold Report: December 2022
What’s happening with the real estate market in our area? We want to make it easier to understand by breaking down the numbers and finding the trends so you can make informed decisions about buying and selling.
Click here to enlarge the graph
There were 1,009 homes active on the market and available for purchase (not in contract or escrow) at the end of November, which is an 18% decrease from the end of October, but a 157% increase in active/standing inventory from this time last year. The year-over-year increase sounds dramatic, but 2020 and 2021 were anomaly years and 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 longer to get into contract. This is not a bad thing and is 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 347 single-family homes in November, which was an 8% decrease from October and a 36% decrease from the exceptional number of sales in November 2021. These sales numbers are still very good compared to the amount of homes on the market and are evidence of continued demand from buyers in our region.
After five months of decreases in median price, the median sales price for single-family homes in Reno/Sparks has now increased for the second straight month, this time increasing by 1.9% to $550,000 for November 2022. This price is also 2.5% higher than the $536,500 median price we had in November 2021. Additionally, sellers received 97.4% 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 November increased by 5.6% over the last month to 94 days. It also increased by 52% 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 47 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 seemingly ever-changing market conditions and 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.
