The latest Reno-Sparks real estate trends show the market undergoing a significant shift. While the last eight months have seen a decline in the housing market, these statistics show that it is now beginning to turn around.
In the last month, the volume of national mortgage applications increased significantly. Locally, this February saw a decrease in average days-to-contract and saw increases in new contracts and median home prices. All these factors indicate that the market is steadily rising and stabilizing.
Learn more about the Reno-Sparks real estate trends in this video.
What you should know about Reno-Sparks real estate trends
- The median home price in the Reno-Sparks area increased by 1% month-over-month, which equates to a $5,000 increase from $510,000 to $515,000.
- 274 homes sold in the area during the month of February. This matches the historical trend, which has shown an increase in homes sold in the spring months.
- 401 homes went into contract in February, which is a 22% increase over January. Number of homes in contract is how we measure the demand in the market. February’s uptick shows a healthy sign for the marketplace.
- New listings increased 20% month-over-month. This is lower than we would typically see at the start of the year and a 33% decrease year-over-year. However, it does indicate that demand is starting to outpace home listings in the Reno-Sparks area.
- There was a low active inventory in February, with only 557 houses. Again, indicating a transition in the real estate market.
- The average listing closed for 97.6% of asking price, which is up 0.3% month-over-month. This is the second month that this statistic has increased, climbing back toward the average of 98%.
Days-to-contract sharply declined from 57 days in January to 32 days in February. A healthy sign for home sellers in the Reno-Sparks area.
Stay informed about the latest trends in the Reno-Sparks real estate market. For more information about buying or selling a home in Northern Nevada, contact one of our neighborhood experts today.