According to the Reno Sparks Association of Realtors, the Median Sold Price for single family homes and condos in the Reno/Sparks area increased by 1.9% to $336,250 through November. A more significant 14% increase is seen when we compare this price to a year ago. One of the largest, if not the largest reason for the double-digit year over year increase in value is due to the sustained demand and the continued low inventory levels. We expect prices will continue to rise until more homes are available in the market.
The number of homes sold decreased by 8.3% in November, with 600 sales versus 654 in October. There was also a 2.6% decrease in the number of homes sold compared to November of last year. While it is typical to have sales tapering off this time of year, we believe the month to month decrease in sales is also partially attributable to the lack of inventory.
There were 433 new listings on the market in November, which was a staggering 32.2% decrease from the 639 in October. While some of the month over month decrease is attributable to the holiday seasonal trend, there was also a 14.6% decrease from the 507 new listings in November 2016. A strong seller’s market is expected to remain in many price ranges until more new listings are offered for sale in the region.
The Inventory numbers set the stage for the market conditions today. There were 853 homes available for sale at the end of November, which was a 20.7% decrease from the 1,075 on the market in October. A much more significant decrease of 43.7% was seen in the number of available homes for sale in Reno and Sparks when compared to November of last year.
The Month’s Supply of Inventory for homes in Reno and Sparks decreased slightly in November to 1.4 months from 1.6 months in October, but decreased 42.2% from November of last year. This reaffirms that now is a time that homes can be sold quickly in most price ranges and most neighborhoods.