** Data in this report reflect market activity from February 2020 compared to the previous month and year. Information is gathered from the Reno-Sparks Association of Realtors® (RSAR) for the Greater Reno-Sparks region via Northern Nevada Regional Multiple Listing Service (www.nnrmls.com). Data accounts for single-family resale residences only, and excludes townhouses/condos, manufactured/modular and new construction.
Here is the market overview:
- February 2020 Median Sales Price for single-family re-sale properties in Reno-Sparks combined dipped from $405k in January to $390k (-3.7%). The Median Sales Price is up 4.8% from this same time last year.
- As seen in the chart above, # of Closed Sales at 443 increased from January by 14.4% and increased nearly 23% from last year.
- Reno-Sparks Absorption Rate is only 1.3 MSI (Months Supply of Inventory). What exactly does this mean? It means that if the rate of sales continued as it did during February 2020, and if no listings were added to the market, the entire Reno-Sparks inventory would be sold out in a matter of 1.3 months. 5-6 MSI is considered a “balanced market.” We are still very much in a Seller’s market. See chart above.
- Likewise, the Active Inventory at 598 is down 19% from January to February 2020 and down 41.2% from this same time last year. See chart above.
- # New Contracts was on the rise in February 2020 (+12.3% from January 2020, and +31.1% from last year). Will this result in a spike in March sales? Will the trend continue with March statistics with the historic low interests rates we just experienced? We shall see!
- Also following the seasonal trend, February 2020 brought 11.2% more New Listings than January 2020. 505 homes were brought to the market throughout the month! The majority of new listings in February were in the $300k-$399k range (163). See chart above.
- Want to talk more about what’s happening in the Reno-Sparks market? If you need me, I’m here to assist with your purchasing and selling needs. Email me (firstname.lastname@example.org) or call me directly at 775-233-0682.