While these are unprecedented times, people still want and need to buy and sell real estate for many reasons. We continue to take steps to ensure that we are as prepared, organized and proactive as possible. If this is not the right time for you to buy or sell, we certainly understand and will be here when it is the right time for you.
Below is an update on the Reno/Sparks real estate market. Our analysis focuses on single family home activity in the region for the month ending May, 2020.
The median price in Reno/Sparks decreased 3.6% from April to May, going from $415,000 to $399,900. Despite the month to month decrease, when comparing year over year, median price increased 2.5%, which is a healthy growth rate.
Reno/Sparks REALTORS sold 402 homes in May, which was a 3.3% increase from April, but a 40.8% decrease from last year at this time. Part of the dramatic year over year decrease was due to an exceptionally robust market in May of 2019.
In May, 605 new listings entered the market, which was a welcomed increase of 4.3% compared to April. When comparing year over year, the number of new listings went down by 36.8% from May 2019.
From May to April, the number of available single-family homes for sale decreased by 0.5% to 737 homes. Before this decrease, we saw two consecutive months of increased inventory in the region. With the slight month over month decrease in available inventory, the year over year number of available listings also decreased by 36.6%.
The Months Supply of Inventory (MSI) represents how many months it would take to sell all the homes currently available if no new homes entered the market. As of the end of May, the MSI was 1.46 months overall, which is 38.8% lower than the supply we had a year ago.
What does all this mean if you are looking to buy or sell a home? If you need to move, this is a good time to sell with little competition in many neighborhoods. For buyers, current interest rates may make this a good time to purchase, however the low inventory and fast market times means it’s important to be pre-qualified with a lender before looking at homes.
As always, if you have any questions about this report or the real estate market in our region, please reach out. It would be a pleasure to assist you.