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

There were 268 homes active on the market and available for purchase (not in contract or escrow) at the end of May, which was a welcomed increase of about 7% from April 2021. In May 2020, there were 737 available listings, so today’s active inventory is down by 64% from a year ago. Although this is a significant decrease, we are currently seeing a near-normal number of new listings coming to market. The strong demand from home buyers is putting most new listings into contract very quickly and often with multiple offers. All of this causes prices to rise, but fortunately, mortgage rates are remaining near all-time lows, bringing some relief to buyers.

Reno/Sparks area REALTORS sold 535 single-family homes in May, which was a slight decrease of 8% from April, but is a 33% increase when compared to May 2020 and is on par with sales in the month of May in a normal year. The number of sales is a further indication of strong demand from buyers.

The median sold price for single-family homes in Reno/Sparks has now surpassed the $500,000 milestone for the first time, coming in at $502,000 in May. That is an increase of 1.5% over April and a 26% increase over the $399,900 price in May of last year. “Median” means “in the middle”, so half of homes sold for less and half sold for more. Additionally, sellers received 103.6% of the asking price on average for homes sold in the month of May 2021.

Average Days on Market remained the same over the last month, coming in at 55 days. Though it remained the same between April and May, Days on Market was 23 days higher in May 2020. Another marker of a fast market is Days to Contract; here we see an average of 14 days from initial listing until a home goes into contract. This is 63% fewer Days to Contract than May 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.

Dickson Realty agents also have tools that allow you to tap into the home equity you currently may have to write more competitive offers while remaining in your home throughout the buying process. Reach out today to learn more about the process.

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.

Posted by Jeff Sallan on
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