July 2019 Market Report

** Data in this report reflect market activity from June 2019 compared to May 2019 and June 2019 compared to June 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 and new construction.

HIGHLIGHTS:

  • June 2019 Median Sales Price for single-family re-sale properties in Reno-Sparks combined (excluding condominiums/townhouses) increased 2.6% from $390,000 in May 2019 to $400,000.  We saw a 4.7% increase in the Median Sales Price from this same time last year.

  • # of Units Sold in June 2019 declined 18% from May 2019 to 555 units.  Unit sales are also down nearly 8% from the same time last year.
  • # Days to Contract in June 2019 has dropped from 37 days to 44 days, a 30% increase compared to the previous month.  It is taking 45% longer to put a home into contract since the same time last year.
  • # New Listings has also declined nearly 20% from May 2019 and declined 5.4% from June 2018.
  • Months Supply of Inventory (MSI) has increased 23% since May 2019, and dropped 23% since the same time last year.  This is still considered to be a “Seller’s Market.”  “Months Supply of Inventory” is defined as the time it would take for the current inventory to be completely sold out if sales remained at their current rate.  A “balanced inventory market” is about 6 MSI.

CONCLUSIONS:

  • Though the Reno-Sparks Region saw an increase in Median Sales Price of 2.6% from May to June 2019, the increase appears to be due to a larger median increase in Sparks.  While the median sales price in Reno dipped 2.5%, the Sparks median sales price surged 6.4% month-over-month.

  • Buyers are picky.  Maintaining, staging, properly preparing, and presenting your home are all very important steps when listing and selling in today’s market.  Due to the increase of inventory, with a little more competition in the marketplace, these calls to action are more important than ever.  Hiring the right Realtor to assist you with home preparation is critical.
  • The current decline of new listings and units sold, combined with the increase in the # of days to contract appears to have led to an increase in inventory.  Though it is still a “Seller’s Market” buyers may be able to negotiate more than in past months.
  • Mortgage interest rates continue to stay low.  Borrowers with good credit are seeing rates sub-4%.  According to Freddie Mac, the data suggests the economy is weakening but is still on very solid ground with high consumer confidence and a strong labor market.  Mortgage rates have leveled out and this is encouraging.
  • If you need an experienced real estate professional to assist with preparing, staging and marketing your home to sell, please don’t hesitate to contact me directly at dhallerbach@intero.com or 775-233-0682.
Posted on July 10, 2019 at 3:40 am
Denise Hallerbach | Category: Reno-Sparks Market Report | Tagged , , ,