Let’s review the Reno-Sparks real estate market, comparing month over month activity from March to April 2018 and year-over-year activity to April 2017.
According to the Reno Sparks Association of Realtors, the Median Sold Price for single family homes and condos in Reno/Sparks increased by 1.4% to $355,000 in April. A 15.6% increase was seen compared to a year ago when the Median Price was $306,995. This year-over-year change is a better indicator of how the market is performing. Continued low inventory levels and sustained demand from home buyers are the primary reasons for the double-digit annual increase in value. We expect that prices will continue to climb until more homes are available in the market.
The number of units sold decreased by 13.2% in April, with 561 sales versus 646 in March. We also saw a decrease of 8.6% in unit sales since April of last year. Prior months’ unit sales have been brisk. This is the first month to month decrease in units sold this year.
There were 742 new listings on the market in April, which was a 6.6% increase from the 696 in March. Although this looks encouraging, it is 15.9% lower than the 882 new listings that came on the market in April 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 755 homes available for sale at the end of April, which was a 3.3% decrease from the 781 on the market in March. When compared to April of last year, a much more considerable decrease of 40.5% was seen in the number of homes for sale in Reno/Sparks. If you are planning to sell, a Dickson Realty neighborhood expert can explain how buyer demand for your house will be strongest at times when there is less competition among sellers, which can lead to a shorter time on market or a higher sale price.
The Month’s Supply of Inventory for homes in Reno/Sparks increased from 1.2 months in March to 1.3 months in April. It is reassuring to see an increase, but current inventory is still nearly 35% lower than April of last year. This reaffirms that now is a time that a home can be sold quickly in most price ranges and most neighborhoods.
The low housing inventory and our region’s economic growth will continue to drive home prices up in the near term. We still have very low mortgage rates, which will help maintain the demand from home buyers in the market.