Reno/Sparks Active vs. Sold Report: October 2022
What’s happening with home prices, market times and buyer demand in our area? We recognize that making a decision on buying or selling your home is not easy. So we are breaking down the numbers in our latest report on the Reno/Sparks real estate market, from the experts at Dickson Realty.
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There were 1,276 homes active on the market and available for purchase (not in contract or escrow) at the end of September, which is a 1.2% increase from the end of August and a 136% increase in active/standing inventory from this time last year. More listings are coming to market so there is more competition for sellers, and buyers have more time to make a decision, which means homes are taking longer to get into contract. This is not necessarily a bad thing and is a welcomed relief for home buyers in our region.
Reno/Sparks area REALTORS sold 468 single-family homes in September, which was a 3.5% increase from August. Despite the monthly increase, a 21% decrease was realized compared to the exceptional number of sales in September 2021. The sales numbers today are still very high compared to the amount of homes on the market, further exemplifying continued demand from buyers in our region.
The median sales price for single-family homes in Reno/Sparks decreased by 5.4%, or $30,750 in the last month, coming in at $534,250 for September. Year-over-year, median price is about the same as where it was in September 2021. Additionally, sellers received 98.1% of asking price on average for homes sold in the month of September 2022. The normalization in market activity and price adjustments on standing inventory makes this a very good time to purchase.
Average Days on Market for September increased by 5.3% over the last month to 79 days. It also increased by 23% compared to this time last year; this puts us back to pre-pandemic market times. Another marker of market time is Days to Contract. Here, we see an average of 38 days from initial listing until a home goes into contract. We noted recently that we had anticipated getting back to “normal” market conditions in the near term, and we are seeing that now with the increases in time on market.
With mortgage rate uncertainty, it is more important than ever to be pre-qualified with a local 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.
