Reno/Sparks area Realtors sold 454 single family homes in October, which was only 1 fewer than September 2018, but 17% fewer than October, 2017. The number of available homes decreased by almost 9% from September, with 1,329 homes active on the market in October.
Despite the monthly decrease, inventory is up by about 33% year over year. The year over year increase in inventory is a welcomed relief to buyers in the region. The median sold price for single family homes in Reno/Sparks increased by 1.7% in October, to $380,000. When compared to October of 2017, a more significant increase of 10%, or $35,000 was realized. “Median” means “in the middle”, so half of home sold for less and half sold for more.
An annualized upward trend in median price is expected to continue for the foreseeable future. Average Days on Market for homes sold increased slightly by 1 day from September to October. At this time last year, days on market was 90 days which is 12% higher than it is now. The Days on Market that we see today still represents a very fast paced market. It is important to be pre-qualified with a lender before looking at homes to buy.
Whether buying or selling in a competitive market like we are experiencing, having an expert agent on your side can help you buy or sell at the best price. Let me know if you have any questions or would like any more information about our market.