Active vs. Sold Report – Reno/Sparks – February 2019
Reno/Sparks area REALTORS sold 321 single family homes in January 2019, which was 52 fewer than December 2018, and 85 fewer than January 2018. A combination of rising prices, fluctuating interest rates, and a shortage of inventory in the most affordable price ranges are the biggest contributors to the lower number of sales.
There were 986 homes active on the market at the end of January 2019, an 18% decrease from December, marking the 4th consecutive month with lower inventory. Although we had a decrease month to month, inventory is up by 52% year over year. The year over year increase in inventory is providing slight relief to buyers in the region.
The median sold price for single family homes in Reno/Sparks remained unchanged, at $362,000 in January. When compared to January of 2018, there was a small increase of $2,050 or 0.57%. “Median” means “in the middle”, so half of home sold for less and half sold for more. An annualized upward trend in median price is expected to continue for the foreseeable future.
Average Days on Market for homes sold in January increased by 5 days, from 94 in December to 99 days in January. At this time last year, days on market was 100 days. The Days on Market that we see today still represents a very fast paced market. It is important to be pre-qualified with a lender before looking at homes to buy. If you do not have a preferred lender, contact Sallan Real Estate for a recommendation.