Active vs. Sold Report – Reno/Sparks – December 2021
The high demand for homes continues to be a contributing factor to record median prices and fast market times in our area. Here’s the latest information on the Reno/Sparks market, from the experts at Dickson Realty.
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There were 368 homes active on the market and available for purchase (not in contract or escrow) at the end of November. This is a 29% decrease from last month, but compared to this time last year, today’s standing inventory is about 33% higher than November 2020. It is typical for inventory to decrease in the winter months of the year. Home buyer demand is still putting most new listings into contract quickly. Strong demand combined with low inventory causes prices to rise. Fortunately mortgage rates are remaining near all time lows, bringing some relief to buyers.
Reno/Sparks area REALTORS sold 533 single family homes in November, which was a 6.5% decrease from October and a 12% decrease from November 2020. The yearly decrease can most likely be attributed to the high amounts of sales that closed in the fall of 2020 after Covid restrictions eased in the springtime. 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 sales price for single-family homes in Reno/Sparks decreased by about 1% over the last month, coming in at $535,000 for November. That is still an 18.2% increase over the $452,520 median price in November 2020. The annual pace of increase is not expected to continue long-term. Additionally, sellers received 99.9% of asking price on average for homes sold in the month of November 2021. The last time that sellers received less than 100% on average for sales in a given month was in November of 2020.
Average Days on Market for November remained the same as last month at 61 days. That is a decrease of 15% when compared to this time last year. Another marker of a fast market is Days to Contract; here we see an average of 17 days from initial listing until a home goes into contract. 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 can present you with selling options that allow you to tap into the home equity you may currently 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.
