The median price in Reno/Sparks, at $400,000, was flat from October to November but increased 6% year-over-year. We’ve been hovering at this median price since June of this year, with some months slightly higher or lower.
Reno/Sparks REALTORS sold 452 homes in November, which was a 19% decrease from October, and a 3.6% decrease from November 2018.
In November, 411 new listings entered the market, which is a decrease of 16.63% compared to October. When comparing year over year, the number of new listings was also down by 15.61% from November 2018.
From October to November, the number of available single-family homes for sale decreased by 12.96% to 974 homes. This was the third consecutive month of declining inventory in the region. Along with the monthly decrease, the year-over-year number of available listings decreased by 23.13% as well.
The Months Supply of Inventory represents how many months it would take to sell all the homes currently available if no new homes entered the market. Current inventory is 23.59% lower than the supply we had a year ago. The overall 1.91 months of inventory is firmly in seller’s market territory, making it a great time to sell with little competition in many neighborhoods and price ranges. Five to six months of inventory is considered to be a balanced market.
What does all this mean if you are looking to buy or sell a home? For sellers, it means that it is still a great time to sell, as inventory is low and prices are appreciating. For buyers, it’s important to be pre-qualified with a lender before looking at homes so when you find the right one, you are ready to make an offer.
If you have any questions about this report or the real estate market in our region, please reach out.