Nationally and locally, real estate markets are starting the year off with low inventory, record median prices and fast market times. Here’s the latest information on the Reno/Sparks real estate market, from the experts at Dickson Realty.
There were 170 homes active on the market and available for purchase (not in contract or escrow) at the end of January, which was a 16% decrease from December and a remarkable 73% decrease from January 2020. We’ve had a steady decline in available homes for sale since early last year, and it is exceptional to have fewer than 200 listings in the Reno/Sparks market. The low inventory of homes, coupled with continued strong demand from home buyers is contributing to ever-higher prices and dampening affordability. Fortunately, mortgage rates are remaining at or near all-time lows, which brings some relief to buyers.
Reno/Sparks area REALTORS sold 372 single family homes in January, which was a 32.7% decrease from December and a 5.6% decrease from last year at this time. A decrease in the number of sales is not a surprise and goes hand-in-hand with the lack of inventory to sell.
The median sold price for single family homes in Reno/Sparks was $446,702 in January which is a slight decrease from $449,900 in December. The better measure is year-over-year, and here, the regional median price is up by 10.3%. “Median” means “in the middle”, so half of homes sold for less and half sold for more.
The Average Days on Market increased by 5 days, or 15%, from December to January, coming in at 83 days. Days on market was 33 days higher in January 2020, which is a typical market time for the middle of winter. In this very fast-paced market, it is more important than ever to be pre-qualified with a lender before looking at homes to buy and to have an expert REALTOR assist you with navigating the negotiations when making a home purchase.
If you have any questions about this report or would like to speak with a lender about getting pre-qualified, please feel free to reach out. It would be a pleasure to assist you.