Let's review the Reno-Sparks real estate market, comparing month over month activity from January to February 2018, and comparing year-over-year to February 2017.
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 1.6% to $350,000 through February. There was also a 17.5% increase when we compare this price to a year ago. This year-over-year change is a better indicator of how the market is performing. One of the largest reasons for the double-digit year over year increase in value is due to the continued low inventory levels and sustained demand from home buyers. We expect that prices will continue to rise until more homes are available in the market.
The number of homes sold increased by 10.2% in February, with 510 sales versus 463 in January. This was also an increase of 12.6% when compared to February of last year. The year over year increase in sales, despite the lack of inventory, is a good indicator that demand is high.
There were 646 new listings on the market in February, which was an 11.2% increase from the 581 in January. There was also a 5.2% increase from the 614 new listings in February 2017. 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 632 homes available for sale at the end of February, which was a 6% decrease from the 672 on the market in January. A much more significant decrease of 46.8% was seen in the number of available homes for sale in Reno and Sparks when compared to February of last year. Our Dickson Realty neighborhood experts can explain how the buyer demand for your house will be strongest at times when there is less competition among sellers, which can often lead to a shorter time on market and possibly a higher sale price.
The Month’s Supply of Inventory for homes in Reno and Sparks decreased in February to 1.2 months from 1.5 months in January, but decreased 52.7% from February of last year. This reaffirms that now is a time that homes can be sold quickly in most price ranges and most neighborhoods.