One of the most talked-about topics in real estate is the high demand for homes, which is contributing to record median prices and fast market times. Here’s the latest information on the Reno/Sparks market, from the experts at Dickson Realty.

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There were 541 homes active on the market and available for purchase (not in contract or escrow) at the end of September. There have been small but steady increases in standing inventory every month since March. When compared to this time last year, the standing inventory is 27% higher than September 2020. Despite the increases, the strong demand from home buyers is putting most new listings into contract quickly and often with multiple offers. All of this causes prices to rise. Fortunately mortgage rates are remaining near all time lows, bringing some relief to buyers.

Reno/Sparks area REALTORS sold 589 single family homes in September, which was a 5% increase from August, but a 16% decrease from September 2020. The yearly decrease can most likely be attributed to the high amounts of sales in the fall of 2020 when Covid restrictions eased from the springtime. The number of sales is still high compared to the amount of standing inventory and is a further indication of strong demand from buyers.

The median sold price for single-family homes in Reno/Sparks remained the same between August and September, matching the record for the region at $530,000. This price is still up 20% compared to September of last year. The annual pace of increase is very unusual and not expected to continue long-term. Additionally, sellers received 101% of asking price on average, for homes sold in the month of September 2021.

The Average Days on Market for September was 64 days. That is an increase of over 14% over the last month, but a decrease of 8.6% when compared to the 70 Days on Market in September of 2020. Another marker of a fast market is Days to Contract; here we see an average of 8 days from initial listing until a home goes into contract. This is 24% fewer Days to Contract than September 2020. 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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