Reno/Sparks Active vs. Sold Report
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.
There were 549 homes active on the market and available for purchase (not in contract or escrow) at the end of February, which is a 20.1% decrease from the end of January. Despite the month-over-month decrease, active/standing inventory has increased by about 140% year-over-year. This yearly increase sounds dramatic, but we were in a severe inventory shortage in 2020 and 2021, and we are still not yet 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 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 277 single-family homes in February, which was a 16% increase from January. Despite the monthly increase, there was a 27% decrease from the exceptional number of sales in February 2022. Higher interest rates tempering buyer demand combined with the normal seasonality of the market in February best explain the decreased number of sales this past month.
The median sales price for single-family homes in Reno/Sparks increased by 1% to $515,000 for February 2023. This price is 7.4% lower than the $556,000 median price we had in February 2022, but it is good seeing the month-over-month increase.
Average Days on Market for February increased by 1% over the last month to 107 days. It increased by 62% compared to this time last year, putting us back to 2018 and 2019 market times. 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. The last time before these last two months that the average days on market were above 100 days was January of 2020.
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.