Reno/Sparks Active vs. Sold Report: January 2023
What’s happening with the real estate market in our area? We hope 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.
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There were 851 homes active on the market and available for purchase (not in contract or escrow) at the end of December, which is a 15.7% decrease from the end of November, but a 225% 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 338 single-family homes in December, which was a 3.4% decrease from November and a 35% decrease from the exceptional number of sales in December 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.
The median sales price for single-family homes in Reno/Sparks decreased by 5.8% to $518,186 for December 2022. This price is also 5% lower than the $545,000 median price we had in December 2021. Additionally, sellers received 96.9% of asking price on average for homes sold in the month.
Average Days on Market for December increased by 4.3% over the last month to 98 days. It also increased by 40% compared to this time last year, putting us back to 2018 and 2019 market times. Another marker of market time is Days to Contract; here we see an average of 53 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.
