The high demand for homes continues to be a contributing factor to record median prices and fast market times in our area. Here’s the latest information on the Reno/Sparks market, from the experts at Dickson Realty.

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There were 232 homes active on the market and available for purchase (not in contract or escrow) at the end of January. This is an 11.5% decrease from last month, but compared to this time last year, today’s standing inventory is 36.5% higher than the end of January 2021. It is typical for inventory to be lower during the winter months of the year, so a decrease from December to January is not surprising. Home buyer demand is still largely responsible for most new listings going into contract quickly. That strong demand combined with low inventory causes prices to rise. Fortunately mortgage rates have remained low, which brings some relief to buyers.

Reno/Sparks area REALTORS sold 398 single family homes in January, which was a 24.5% decrease from December but a 5% increase from January 2021. The monthly decrease can most likely be attributed to the lower amounts of new listings and inventory over the past few months, which is normal for this time of year. The number of sales is still high compared to the amount of standing inventory and is further indication of the strong demand.

The median sales price for single-family homes in Reno/Sparks increased by 4.6%, or $25,000 over the last month, coming in at $570,000 for January. That is a significant increase and another new record for a single month in the area. $570,000 is also a 26.7% increase over the $449,950 median price in January 2021. We’ve been saying that the annual pace of median price increase is not expected to continue long-term, and we continue to stand by that belief. Additionally, sellers received 100% of asking price on average for homes sold in the month of January 2022.

Average Days on Market for January increased by about 3% over the last month to 72 days. Despite the monthly increase, 72 days is still 14% fewer days on the market when compared to this time last year. Another marker of a fast market is Days to Contract; here we see an average of one week from initial listing until a home goes into contract. 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.

Posted by Jeff Sallan on

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