Reno, Nevada, also known as “The Biggest Little City in the World,” has recently been crowned #1 Best Small City in America by Resonance Consultancy! Resonance ranks American cities (principal cities of metropolitan areas with populations of more than 100,000) by using a combination of statistical performance and qualitative evaluations by locals and visitors in 23 areas grouped into six core categories. Principal cities are defined as the largest city in each metropolitan statistical area:
It’s no surprise Reno is at the top of the list. With substantial job growth and economic strength, companies and individuals are converging on Reno to take advantage of tax benefits and a desirable lifestyle. Learn more about why Reno tops this prestigious list at http://bit.ly/Resonance2020Best.
** Data in this report reflect market activity from November 2019 compared to October 2019 and November 2019 compared to November 2018. 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.
November 2019 Summary
- November 2019 Median Sales Price for single-family re-sale properties in Reno-Sparks was UNCHANGED from October 2019 to November 2019 at $400,000. The Median Sales Price is up 6% from this same time last year, and is in line with the national average.
- The Median List Price in November 2019 was 2.2% lower than in October. This could possibly mean that Seller’s placing their homes on the market this winter are showing signs of higher motivation.
- “Months Supply of Inventory” (MSI) is defined as the time it would take for the current inventory to be completely sold out if sales remained at their current rate.” But do remember that this inventory supply does not factor in NEW home construction that is offered throughout the region. A “balanced inventory market” is about 6 MSI. The MSI in November 2019 was 2.3.
- What percentage of list price are most Sellers receiving? Overall, Sellers are receiving about 98.7% of their asking price. Below is a breakdown of the percentage of listing price received by price-range. The graph indicates that homes priced over $1M are receiving an average of about 94% of list price, compared to the rest of the market receiving closer to 99% of list price.
- 435 single-family stick-built homes sold in November 2019, down 22.5% from October, and down roughly 7% from November 2018. A significant portion of sales occurred in the $300k-399k range, which is typical for Reno-Sparks.
- It is taking an average of 61 days to received an accepted offer once listing on MLS. This timeframe has increased just 1.6% from October to November 2019, but is about 11% greater than one year ago.
Wrapping it up…
- Median Sales Price for Reno-Sparks combined is stable at $400k.
- Inventory is still low, and volume is down, typical for this time of year.
- It’s taking longer to receive an accepted offer than one year ago… an average of 6 days longer to be exact.
- If you’re buying in the $1 Million+ price range, your chances of negotiating below asking price are greater than at a lower price point. I can help you with that! ; )
- Don’t let winter scare you away from buying or selling a home. Overall, the parties to the transaction tend to be more motivated than during other seasons.
- If you are in need of assistance buying or selling your home, please feel free to contact me for a free marketing or purchasing consultation… I’m happy to help! firstname.lastname@example.org or call 775-233-0682.