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 262 homes active on the market and available for purchase (not in contract or escrow) at the end of December. This is a 33% decrease from last month, but compared to this time last year, today’s standing inventory is 29% higher than the end of December 2020. It is typical for inventory to decrease in the winter months of the year, so a decrease 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 523 single family homes in December, which was a 4% decrease from November and a 5.6% decrease from December 2020. The yearly decrease can most likely be attributed to the high amounts of sales that closed at the end of 2020 after COVID restrictions eased in the spring. 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 almost 2% over the last month, coming in at $545,000 for December. That is a new record for a single month in the area and a 21.2% increase over the $449,800 median price in December 2020. The annual pace of median price increase is not expected to continue long-term. Additionally, sellers received 99.8% of asking price on average for homes sold in the month of December 2021.

Average Days on Market for December increased by 13% over the last month at 70 days. Despite the monthly increase, 70 days is still 3% fewer days when compared to this time last year. Another marker of a fast market is Days to Contract; here we see an average of 15 days 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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