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July 2024 Market Report
** Data in the JULY 2024 Market Report reflect market activity from JUNE 2024 compared to JUNE 2023. Information is gathered from the Sierra Nevada Realtors ® (RSAR) for the Greater Reno-Sparks region via the Northern Nevada Regional Multiple Listing Service (www.nnrmls.com). Please contact me for reports in other areas of Northern Nevada or specific neighborhoods, and I will collect that information for you. Data in this report only accounts for single-family resale residences and excludes townhouses/condos and manufactured/modular.
As observed in the graph above, the “weekly” market data for the week ending July 6 shows a significant slow-down in median DAYS TO CONTRACT compared to properties that sold in June when DAYS to Contract were 8 in Reno-Sparks. The week ending July 6, the Days to Contract was 25.
The Months Supply of Inventory represents the number of months it would take to sell through the entire inventory in Reno-Sparks at the current sales rate is no new properties were added to the market. This statistic varies by price as seen in the graph below. A balanced market is 5-7 months supply. The luxury market, homes that are priced over $1.5M, are officially in a Buyer’s Market, with 7.5 Months Supply of Inventory in June 2024.
SUMMARY:
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- Compared to June last year, the Median Sales Price in Reno and Sparks (combined) increased from approximately $596,000 to $610,000… The June Median Sales Price is 7% higher than June 2023.
- June closings saw the Median Days to Contract (DTC) in June decrease from 9 days to 8 days compared to May.
- Looking at more recent pace in July, the Median Days to Contract is increasing, a reflection of what I refer to as the “Summer Slowdown.” Industry professionals suspect that summer vacations during a short school-year break and other travel plans make it challenging for many Buyers to shop for homes.
- The % of Cash Sales remains near 30% average in Reno-Sparks.
- Mortgage have dropped below 7% for many buyers. BusinessInsider.com reports, “Mortgage rates are down this week, with 30-year mortgage rates averaging around 6.30%, according to Zillow data. Rates are lower thanks to recent data showing that inflation slowed last month, and they should fall further as we get closer to a potential Federal Reserve rate cut.”
- If you are a Buyer and still concerned about interest rates, many lenders are offering refinancing services free of charge 1 to 3 years after your purchase. So it may be in your best interest to get into the market at todays prices with the idea of lowering your monthly payments in the near future. Contact me for a referral to a great local lender who will carefully walk you through the process!
Is your next home sale and/or purchase happening in 2024, or even 2025? Email me at Denise@DrakulichRE.com or call me at 775-233-0682 so we can begin analyzing the best strategy for YOU!
~Denise Hallerbach, Associate Broker, Better Homes and Gardens Real Estate – Drakulich Realty
June 2024 Market Report
** Data in the JUNE 2024 Market Report reflect market activity from MAY 2024, compared to MAY 2023. Information is gathered from the Sierra Nevada Realtors ® (RSAR) for the Greater Reno-Sparks region via the Northern Nevada Regional Multiple Listing Service (www.nnrmls.com). For reports in other areas of Northern Nevada or specific neighborhoods, please contact me, and I will collect that information for you. Data in this report only accounts for single-family resale residences and excludes townhouses/condos and manufactured/modular.
Please note that the above data shows 9 median Days to Contract for single family homes that closed during May. With an typical 30-35 day escrow period, most of these homes went into contract in April!! The median Days to Contract graph for the Week ending June 8, 2024 (2 graphs below) give a more accurate picture of what the market pace here at the beginning of Summer.
As observed in the graph above, the most recent “weekly” market data shows a significant slow-down in median DAYS TO CONTRACT compared to properties listed in April when DAYS to Contract were 9 in Reno-Sparks. The week ending June 8, the Days to Contract was 17.
SUMMARY:
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- Compared to May last year, the Median Sales Price (MSP) in Reno and Sparks (combined) increased from approximately $555,000 to $596,000, a 7.2% jump year-over-year.
- May closings saw the Median Days to Contract (DTC) in May drop 9% compared to May 2023… 9 DTC in Reno-Sparks combined, 8 DTC in Reno, 12 DTC in Sparks.
- Low inventory and continued Buyer demand drive the rate of sales which resulted in 1.7 Months Supply of Inventory (MSI) in May 2024. Months Supply of Inventory is a measure of the rate of sales. If single family homes in Reno-Sparks continue to sell at the same rate as in May 2024, and no new inventory were added to the market, the entire inventory would be depleted in 1.7 months. A balanced market is 5-6 months.
- From my personal observations over the last month, while homes in some neighborhoods are flying off the shelf, others are taking more time. The temperature market is highly location-based.
- The % of Cash Sales has reached an all-time high of 30% average.
- Mortgage rates are still hovering around 7%. “Inflation data hasn’t been improving. The Federal Reserve has been pushing off rate cuts. Though mortgage rates could still go down later in the year, housing market predictions change regularly in response to economic data, geopolitical events and more.” (CNET.com) That being said, you may have been delaying your purchase or sale long enough, and your move is imminent. Just remember that many lenders are offering free refinancing services when mortgage rates do eventually drop. So if you find that right home at your right time, and the purchase is a financially viable option for you, there is no need to wait. Homes to appear to continue to be appreciate in value!
Is your next home sale and/or purchase happening in 2024, or even 2025? Email me at Denise@DrakulichRE.com or call me at 775-233-0682 so we can begin analyzing the best strategy for YOU!
~Denise Hallerbach, Associate Broker, Better Homes and Gardens Real Estate – Drakulich Realty
