Nationally and locally, the most talked-about themes in real estate are low inventory, 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 190 homes active on the market and available for purchase (not in contract or escrow) at the end of February, which was an 11.8% increase from January. This marks the first increase in inventory since April 2020. Though we saw this month-over-month increase, there has still been a remarkable 63.6% decrease in inventory from February 2020. 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 near all-time lows, which brings some relief to buyers.

Reno/Sparks area REALTORS sold 379 single-family homes in February, which was a very slight increase of 0.8% from January, but a more significant 17.6% decrease from last year at this time. A year-over-year 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 $450,000 in February which represents almost no change from January. The better measure is year-over-year, and here, the regional median price is up by 14.6%. “Median” means “in the middle”, so half of the homes sold for less and half sold for more.

The Average Days on Market decreased by 17 days, or 20%, from January to February, coming in at 67 days. Days on market was 32 days higher in February 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.

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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