There were 737 homes active on the market and available for purchase at the end of May, which was a 0.54% decrease from April and a 36.63% decrease from May 2019. Typically, we should have an increase in inventory this time of year. However, not all sellers are comfortable putting their homes on the market at this time.
Reno/Sparks area REALTORS sold 397 single family homes in May, which was a 2% increase from April and a 41.6% decrease from May 2019. While the year-over-year decrease seems alarming, it’s good to remember that May 2019 was a very strong month for sales. A decrease in sales this year was somewhat expected due to the timing of the stay at home orders in Nevada and neighboring states. While the number of sales is down, buyer demand for homes is relatively strong.
The median sold price for single family homes in Reno/Sparks was $399,900 in May which is a 3.6% decrease from April. The regional median price is up by 2.5% year over year. “Median” means “in the middle”, so half of homes sold for less and half sold for more. The Average Days on Market for homes sold decreased by 2.5% to 78 days over the last month. Last year at this time, the time on market was higher at 82 days.The Days on Market that we see today represents a fast paced market, so it is important to be pre-qualified with a lender before looking at homes to buy.
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