Active vs. Sold Report – Reno/Sparks – September 2021
One of the most talked about topics in real estate is the high demand for homes, which is contributing to record median prices and fast market times. Here’s the latest information on the Reno/Sparks market, from the experts at Dickson Realty.
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There were 482 homes active on the market and available for purchase (not in contract or escrow) at the end of August. There have been small but steady increases in standing inventory every month since March. When compared to this time last year, the standing inventory is 4.33% higher than August 2020. This marks the first increase in year-over-year inventory since July 2019. The strong demand from home buyers is putting most new listings into contract quickly and often with multiple offers. All of this causes prices to rise. Fortunately mortgage rates are remaining near all time lows, bringing some relief to buyers.
Reno/Sparks area REALTORS sold 553 single family homes in August, which was a 13.6% decrease from July and a 16% decrease from August 2020. Even with the decreases, the number of sales is still high compared to the amount of standing inventory and is further indication of strong demand from buyers.
The median sold price for single family homes in Reno/Sparks increased by about 1% from July to August, matching the record for the region at $530,000. Median price is up 20% since August of last year. The annual pace of increase is very unusual and not expected to continue long-term. Additionally, sellers received 102% of asking price on average, for homes sold in the month of August 2021.
Average Days on Market for August was 54 days. That is a decrease of over 15% over the last month and a decrease of 28% when compared to the 75 Days on Market in August of 2020. Another marker of a fast market is Days to Contract; here we see an average of 16 days from initial listing until a home goes into contract. This is 50% fewer Days to Contract than August 2020. In this very fast paced market, 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.
Dickson Realty agents have selling options that allow you to tap into the home equity you currently may have to write more competitive offers while remaining in your home throughout the buying process. Reach out to learn more about the Dickson Offer Optimizer.
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.
