** Data in this report reflect market activity from MAY 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:
And here are a more detailed look at the stats for May 2020 compared to the previous month and year:
- In May 2020, the Median Sales Price for single-family re-sale properties in Reno-Sparks combined was $399,900, a 3.6% decrease from April 2020, and a 2.5% increase from May 2019. As seen in the graph above, the median sales price has hugged the $400k price point over the last year and appears to be steady at this time.
- # of Units Sold inched up 387 to 396 from April to May 2020. The sales volume is down 42% compared to the same month last year. This volume is representative of properties that likely went under contract for sale in April and were in escrow for about 30 days.
Months Supply of Inventory (MSI) decreased 11.8% month over month from 2.4 to 2.1 months supply. This measure of inventory is also about 5% higher than last year. MSI accounts for the time it would take to “sell out” of the Reno-Sparks inventory at the current rate of sale if no new listings came to market. A balanced market is around 5-6 months of supply. Therefore, with a low 2.1 months supply, we are still very much considered to be in a “Seller’s Market.”
The Average # of Days from Listing to Contract in May 2020 was 39 days. Single family residences are taking 20% longer to sell this year than in May 2019, and only 1.6% longer than the previous month. These averages account for all price ranges.
As seen in the graph above, homes that sold in the $200k to $700k range during May 2020 received acceptable offers significantly more quickly than the rest of the market. The $1M to $1.5M range went into contract fairly quickly (66 days) compared to the $750k to $1M range and the $1.5M+ range (108 days).
With Seller’s receiving an average of 99% of asking in May 2020, we continued to see no significant change for this statistic overall. Please note that price reductions may have occurred prior to receiving 99% of asking.
Is the economic impact of COVID-19 pandemic causing foreclosures and short sales in Reno-Sparks at this time? So far, homeowners appear to be hanging in through the highest unemployment rate most of us have ever seen. The percentage of distressed sales on the market did increase 7% month over month, but is still down 30% from May 2019. Only 1.7% of homes listed on multiple listing service were considered “distressed,” meaning a bank-owned/foreclosure or short sale.
The last several weeks of real estate activity have brought a significant increase in the # of New Contracts. Month over month, we saw a 635 New Contracts for sale, a 63.7% leap from April 2020 and a 3.9% increase from last year.
# of New Listings to hit the market the week ending in May 2020 increased slightly by 3.8% compared to April 2020. Our # of New Listings are still down nearly 40% from the same period of time last year.
- Inventory is still low, but what IS on the market is moving, as indicated by the significant increase in New Contracts, which should lead to an increase in sales volume in the coming months.
- The Median Sales Price at $399,900 appears to be fairly steady at this time. Over the last year, the $400k Median has been a benchmark the market has hovered around during the last 13 months.
- The consensus among many real estate professionals is that “summer is the new spring.” The typical influx of activity that happens in March, April and May is beginning happening now. My colleagues and I have been extremely active over the last couple of months.
- With low inventory, however, we’ll need to see if buyer demand for fewer homes listed will continue, and ultimately put more upward pressure on prices again. Will the Median Sales Price start moving up again in the near future? We shall see…
- Buyer activity in Reno-Sparks comes largely from out-of-state, particularly California. While many of our relocation clients are looking to escape the crowds, traffic and high taxes of California during COVID-19 uncertainty, they are finding more reasons now than ever to make that move. We call them “California Refugees,” and we are here to help. Email me at email@example.com to learn more about the many benefits of moving to Reno-Sparks.
The # of New Listings brought to market (116 listings) dropped again, with 18.3% fewer homes being listed the week ending May 30 compared to the week ending May 23. There were nearly 31.4% fewer homes listed this week than during the same week in 2019.
Summing It Up…
- Overall, the Sales Volume and # of New Listings on the market remains low, especially this time of year.
- With New Contracts on the rise over the last several weeks, we should start seeing a subsequent increase in number of Units Sold in the weeks to come as well.
- Sellers are receiving a high percentage of their list price and the Median Sales Price has ticked up to $420k again, likely due to the low-inventory market and steady buyer demand.
- Mortgage interest rates are still extremely low, and many Buyers are taking advantage. Email me today for a highly skilled and knowledgable lender recommendation.
- For more information about the ins and outs of buying &/or selling real estate in today’s market, please do not hesitate to call me at 775-233-0682 or email firstname.lastname@example.org.
** Data in this report reflect market activity from April 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:
And here is the breakdown for a couple of interesting statistics from April 2020:
- At $416,500, the April 2020 Median Sales Price for single-family re-sale properties in Reno-Sparks combined for the month was $416,500, a slight 0.4% increase from March 2020, and up 10.5% April last year.
- As seen in the chart above, the # of Closed Sales at dropped from 507 in March 2020 to 374 in April. This marks a 26% decline in closed sales month-over-month, and nearly 30% fewer closed sales compared to last year.
Months Supply of Inventory (MSI) in April 2020 jumped back up 31% compared to March, recording 2.2 months supply. This measure of inventory is also about 6% higher than in April 2019. MSI accounts for the time it would take to “sell out” of the Reno-Sparks inventory at the current rate of sale. A balanced market is around 5-6 months of supply. Therefore, this the low 2.2 months supply, we are still very much considered to be in a Seller’s Market.
The average # of Days from Listing to Contract in April 2020 was 39 days. This is still quite a short period of time when looking back over the last few years. The # of Days to Contract is about 7% lower than April 2019. These averages account for all price ranges.
With Seller’s receiving an average of 98.9% of asking in April 2020, we have continued to see no significant change for this statistic overall.
One may wonder if coronavirus is having an effect on the percentage of distressed sales in Reno-Sparks. At this time, the answer appears to be “no.” In April 2020, Distressed Sales (short-sales and foreclosures) are nearly 50% lower than the same time last year.
Here is what is happening now… The Week Ending May 9, 2020:
After 4 straight weeks of an increase in New Contracts, the week ending May 9 saw a relative leveling out of New Contracts, with just a slight 2.2% decrease from the previous week. Overall, the number of new Contracts for this week last year is down about 10%.
# of New Listings to hit the market the week ending May 9 increased 25% compared to the previous week. The Reno-Sparks real estate market saw nearly 42% fewer new listings than the week ending May 11, 2019.
- Real Estate in Nevada continues to be an “essential service.” Governor Sisolak’s mandate to eliminate in-person open houses for all properties, and in-person showings of tenant/renter-occupied properties has been extended to May 30, 2020. All owner-occupied and vacant properties may still be shown to prospective buyers with practice of social distancing, use of personal protective equipment and frequent 20-second hand-washing &/or hand-sanitizing.
- Starting May 4, California Bay Area agents were allowed to show occupied properties and to stage vacant properties once again. The allowance for such activities could potentially mean an increase of activity in Nevada, a place where many Californias are expected to call their “new home.”
- Lending qualification parameters have tightened, but the Mortgage Interest Rates are staying low! For a super reputable, local lender recommendation, contact me. I will be happy to connect you with the best!
- Looking more closely at the last full week of activity (ending May 9) the # of New Contracts has leveled week-over-week, and the # of New Listings rose slightly.
- While the sales volume took a hit in April, the Median Sales Price has held steady, largely due to buyer-demand keeping pace fairly stable rate of sale and continued low inventory.
- Nationally acclaimed economist and author of the Blog “ECON 70” Elliot Eisenberg, PhD checked in again with the Reno-Sparks Association of Realtors. This month, Elliot stands by last month’s assertion that the current recession is very different from previous recessions, and that it will be deep but relatively short. Click HERE to watch the April 2020 “Monthly Economic Minute.”
# of New Listings during the week ending April 18 declined 19.5% compared to the previous week, and a staggering 54% compared to the same time last year.Will this low inventory keep our prices steady? We shall see…
Summing It Up…
- With the use of a “Coronavirus Property Entry Advisory & Declaration,” and strict practice of social distancing guidelines, real estate activity in Nevada continues.
- Properties in Nevada are shown by appointment only. Owner-occupied homes and vacant properties are permitted to be shown, while all tenant-occupied properties are prohibited from showings. Traditional open houses are also not permissible.
- Though sales volume, new contracts and new listings are significantly down compared to the same time period last year, single-family home prices do not seem to be affected. Median Sales Price, as seen in the above chart, is hovering around $400k and even appears to be edging up since mid February.
- Mortgage interest rates are still VERY LOW… For home purchase and re-financing information and rates that apply to you, contact me, and I’ll introduce you to a reputable local lender.
- While growing unemployment is still a major concern, we look forward to the return of business activity throughout the US and the continuance of our thriving Nevada economy.
- While many Californias currently are suffering an economic hit, our suspicion is that those who were already planning a relocation to Nevada will be even more motivated once their feet are back on the ground. We just need to get on the other side of “the curve.”
- For more information about specific property values and to search real estate for when YOU are ready to purchase/sell, please do not hesitate to call me at 775-233-0682 or email email@example.com.
** Data in this report reflect market activity from March 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:
MEDIAN SALES PRICE
- At $415,000, the March 2020 Median Sales Price for single-family re-sale properties in Reno-Sparks combined is recorded as 12.5% higher than March of last year, and up 6% from February 2020.
# OF UNITS SOLD
- As seen in the chart above, the # of Closed Sales at 502 increased from February approximately 10% and increased 9.6% from March 2019.
MONTHS SUPPLY OF INVENTORY
Months Supply of Inventory (MSI) in March 2020 was substantially lower than March of 2019, a drop of 31.1%. MSI accounts for the time it would take to “sell out” of the Reno-Sparks inventory at the current rate of sale. A balanced market is around 5-6 months of supply. March 2020 posted MSI of 1.5 months, suggesting we are still in a Seller’s Market.
# OF NEW CONTRACTS
The number of listed homes that have gone int0 contract (accepted offer) has decreased about 7% since February 2020. This statistic is also down 13% from the same time last year, and is likely due to the shutdown of many of our industries in the US due to COVID-19. Spring is typically the beginning of the “selling season” with new contracts increasing into June-July each year.
#OF NEW LISTINGS
The biggest surprise… # of New Listings actually rose 19.4% from February to March 2020. There was no significant change in the # of New Listings compared to March 2019, indicating that in March, Sellers were still needing to list in order to sell, even during the pandemic.
WHAT’S HAPPENING NOW??
CLOSED SALES THE WEEK ENDING APRIL 11, 2020
Let’s take a closer look at what is happening more recently … As a result of the drop in new contracts about 1 month ago, and some cancelled escrows (likely many due to Coronavirus), the # of Closed Sales the week ending April 11 took a nose-dive 50% since the week ending March 28. Only 66 single family residences in the Greater Reno-Sparks region closed escrow the week ending April 11.
NEW CONTRACTS THE WEEK ENDING APRIL 11, 2020
Though sales volume overall was down the week ending April 11, 88 single-family homes went into contract, an increase of 6% from the previous week.
NEW LISTINGS THE WEEK ENDING APRIL 11, 2020
The # of New Listings has been bouncing around the last several weeks. From the week ending April 4 to the week ending April 11, volume of New Listings has dropped roughly 21%.
- Real Estate in Nevada is an “essential business.” Though Governor Sisolak has mandated that open houses and showings of tenant/renter-occupied properties cease, owner-occupied and vacant properties may still be shown to prospective buyers. Social distancing, along with use of face masks/coverings, hand sanitizing wipes, gloves, 20-second hand-washing and removal of shoes/use of painter booties are being exercised by Realtors and their clients.
- Santa Clara County, and other Bay Area counties have imposed additional tighter restrictions such as no showings of ANY occupied properties. This is significantly impacting the real estate market in these areas, resulting in a drop in home sales volume there. Many prospective CA sellers are Nevada’s buyers. We look forward to when CA government lightens the restrictions on the real estate industry, allowing more completion of transactions that then flow into Nevada as purchases.
- Though Mortgage Interest Rates are the lowest they have been in the last year, mortgage lenders have tightened their qualification parameters. New purchase and refinance conditions have changed through the course of the pandemic due to economic and employment issues, and jumbo loans (those valued above the conforming loan limit of $510,400.) have been pulled back. Learn more at CNBC.com.
- A decline in the # of New Contracts in March is an indicator of decrease sales volume in the next couple of months. As the number of new coronavirus infections decreases, the economy and employment recover, and we return to more “normal” activity, many economists predict that the housing market will make a quick recovery and housing prices may not be affected.
- CLICK HERE to hear nationally acclaimed economist and author of the Blog “ECON 70” Elliot Eisenberg, PhD. Elliot shares his thoughts about the current recession, the recovery of the economy and what should happen in real estate.
Due to an increase in questions and concern regarding the economy and real estate market as a result of COVID-19, INTERO RENO will be reporting market statistics on a weekly basis. We hope this will provide you with the knowledge to make informed decisions during this unprecedented situation. The following are highlights from real estate activity in the Greater Reno-Sparks region, including the North Valleys. These graphs represent activity for single-family residences and excludes condos/townhouses and new construction.
The Median Sales Price held steady at roughly $399,000 from the week ending 03/21/2020 to the week ending 03/28/2020. This statistic is reflective of properties that went into contract roughly 30 days ago (the common length of escrow for properties obtaining financing).
# of Closed Sales dipped about 4% between the week ending 03/21/2020 and the week ending 03/28/2020. Again, this statistic is reflective of properties that went into contract roughly 30 days ago.
Of the properties that went into contract approximately 30 days ago, these 123 Sellers received 99.3% of List Price, 0.3% greater than the prior week’s activity.
# of Days from Listing to Contract dropped from 36 days to 29 days, suggesting that approximately one month ago, demand for properties appeared to be increasing as indicated by more rapidly received and accepted offers.
In the week ending 03/28/2020, the Active Inventory dropped 2.7% from 899 to 875 available properties for sale. This inventory includes properties of all price ranges.
# of New Contracts/Pending Sales declined about 8% the week ending 03/28/2020 compared to the week ending 03/21/2020. Is this the beginning of a new trend in the market over the coming weeks? We’ll keep an eye on it.
# of New Single-Family Listings has dropped 17.8% from the week ending 03/21/2020 to the week ending 03/28/2020. During this time of year when new listings are typically ramping up, the decline last week could likely be a reflection of COVID-19’s reduction in business activities. Will we see further drops in new listings in the coming weeks? Will the median sale price be affected by a further drop in inventory? Buyer demand will be the key factor.
- Real Estate in Nevada is still deemed an “essential business.” Properties are being showed by private appointment only, with strict adherence to the social distancing guidelines set forth by the federal government.
- We may start seeing an impact on the length of time from “Contract to Closing” as availability of inspectors, appraisers, mobile notaries, insurance brokers, lenders, etc may change as a result of COVID-19.
- While mortgage interest rates have been fluctuating over the last few weeks, it is important to consult with a reputable loan officer for more information about locking your rate when purchasing. Contact me for local lender recommendations.
- Will we continue to see a large movement of residents from other states to Nevada as we progress through the effects of the virus? We will be keeping a close eye on, and reporting what is happening in our local real estate market weekly for the next several weeks.
- For more information about specific property values and to search real estate for when you are ready to purchase/sell, please do not hesitate to call me at 775-233-0682 or email firstname.lastname@example.org.
THURSDAY-SATURDAY, MARCH 12-14
PIONEER UNDERGROUND & LEX NIGHTCLUB
Reno Tahoe Comedy welcomes back Kevin Farley to Pioneer Underground and LEX Nightclub for five uproarious standup performances this weekend. The talented brother of the late Chris Farley just can’t get enough of Reno, and we can’t get enough of his humor! If you’ve never seen him do standup, watch “It Happened One Christmas” from one of his recent shows. Enjoy the cozy, smoke-free venue where you can grab a drink at the near-full-service bar and settle in for an evening of a healthy dose of laughs. For more information and ticket sales in advance, visit RenoTahoeComedy.com.
THURSDAY, MARCH 12
What better weekend to go see Tracy Smith live than just before St. Patty’s Day! It’s the “Irish Catholic School Girl Gone Wild Show,” and we’re all invited to watch her bring down the house with her spicy comedy. She has been featured on Comedy Network and Comedy Central, and has toured with the Bob & Tom Radio Show Allstars. Check her out in the Newfoundland Comedy Festival 10 years ago, and enjoy Tracy Smith who headlines at LEX Nightclub Thursday night. Get tickets to see her live at RenoTahoeComedy.com.
NEVADA MUSEUM OF ART – 160 W Liberty St, Reno
Perhaps you’re in the mood to get creative and bring out your inner artist this weekend! Here are the classes and workshops offered to the Nevada Museum of Art:
Friday, Mar 13- Screens in the School: Roman Holiday. Free! View the classic movie Roman Holiday starring Audrey Hepburn and Gregory Peck. Participants will screen-print movie posters, watch the movie and engage in lively discussions with local cinephiles!
Saturday, Mar 14- Book Arts: Introduction to Western Paper Marbling. Gain hands-on experience in all aspects of marbling from paper priming and preparatory mixing of water medium and paints, to the creation of classic patterns.
Saturday, Mar 14- Exposing Photos for Film and Digital Cameras. Great course for photographers to continue their education on exposure, or a great jumping off point for those just getting into photography, but are looking for something beyond a beginner course.
Saturday, Mar 14- Girls’ Night Out: Nostalgia Tape Deck Accordion Books. Remember the days of making mix-tapes with your friends? Re-live the glory days of cassette tapes as you design and make a musically inspired, accordion-fold book that will fit neatly into a cassette case.
Sunday, Mar 15- Mosaics 101: Introduction to Mosaics. Students will learn the basics of mosaics, including techniques, design and grouting.
and to learn more about upcoming classes and workshops!
PLAYING THRU SATURDAY, APRIL 4 (DAYS VARY BY WEEK)
GOOD LUCK MACBETH THEATRE
It’s Weekend #2 of Michael Frayn’s Noises Off at Good Luck Macbeth Theatre this weekend! The play, brimming with slapstick comedy, takes a fond look at the follies of theatre folk, whose susceptibility to out-of-control egos, memory loss, and passionate affairs turn every performance into a high-risk adventure. It is more specifically a play-within-a-play that captures a touring theatre troupe’s production of ‘Nothing On’ in three stages: dress rehearsal, the opening performance, and a performance towards the end of a debilitating run. Frayne gives us a window into the inner workings of theatre behind the scenes, progressing from flubbed lines and missed cues in the dress rehearsal to mounting friction between cast members in the final performance. This delightful production runs through April 4! For tickets and more info, please visit GoodLuckMacbeth.org.
FRI-SUN, MAR 13-15 , THURS-SUN, MAR 19-22 & THURS-SUN, MAR 26-29
RENO LITTLE THEATER
All troubles, real & imaginary, are relieved by laughter in this slapstick comedy at Reno Little Theatre. The Imaginary Invalid is a zany little production about a hypochondriac who complains of a million imaginary ailments consequently drumming up astronomical medical bills. He concocts a plan to wed his daughter to a doctor in hopes of receiving free medical care, but she has her eye on another. Written by Moliére and adopted by Milles Malleson, this local play opens this weekend and runs through March. For show days/times and more info, please visit RenoLittleTheatre.org.
FRIDAY, MARCH 13 (8 pm)
Since launching his country music career eight years ago, Dustin Lynch has experienced quite the run of success, producing four studio albums that reached No. 1, 1, 2 and 4 on the US Country Charts since 2012. The strapping, Tennessee-based rising star has developed a strong fan following with hit songs like “Small Town Boy,” “Ridin’ Roads” and “Seein’ Red.” Catch him live at the Reno Ballroom Friday night, and get your tickets at SilverLegacyReno.com.
FRIDAY, MARCH 13 (6:30 pm)
CARGO CONCERT HALL
Whitney Peak’s Cargo Concert Hall hosts the event we’ve all been waiting for this winter at Rose Are Rad Film Festival. It’s local skiers’ and snowboarders’ time to shine on the big screen, as their greatest 2-3 minutes are on display for event-goers to enjoy! Ski/Snowboard vendors will be on-site to answer questions about products and sell their merch, and the event offers a raffle for fun prizes. Proceeds benefit Sierra Avalanche Center. For more information and tickets, please visit SkiRose.com.
SATURDAY, MARCH 14 (7-11:30 pm)
CARGO CONCERT HALL
Led by singer Brooks Nielsen and music director/guitarist Matt Taylor, The Growlers have forged their own twisted path on the global music scene since their founding in 2006 in Dana Point, CA. They’re the party band that grew into a traveling circus, spawning their own annual event, “Beach Goth,” and developing an international fanbase, while releasing 6 studio records that trace a line from garage psych ballads to edgy radio pop. This weekend, they take the stage at Cargo Concert Hall to entertain us with hits like “Night Ride,” One Million Lovers” and “Monotonia.” Learn more and pick up your tickets at EventBrite.com.
SATURDAY, MARCH 14
VIRGINIA CITY, NV
It’s that time again to man-up and experience Virginia’s famous annual Rocky Mountain Oyster Fry for yourself! Have you ever eaten rocky mountain oysters before? Know what they are? The look of the bull in the image above says it all. On a scale of one to fun, this event is off the chart, as it combines with VC’s outrageous St. Patrick’s Day celebration and parade too. So throw on your favorite green Irish garb, and head up Geiger Grade to this super delightful “testy festy” on Saturday. Event details may be found at VisitVirginiaCityNV.com.
SATURDAY, MARCH 14 (6:15 pm)
GREATER NEVADA FIELD
It’s the third game of the 2020 season, and the Reno 1868 FC take on the OKC Energy FC at home! Greater Nevada Field and 1868 invite us to cheer our young men on to victory against the 13th ranked team in the USL Western Conference. Currently, Reno sits in 3rd early in the season. Deck yourself head-to-toe in Blue, Silver-Grey and Gold and support our local team Saturday night. Get tickets to the match in advance at Reno1868FC.com.
SATURDAY, MARCH 14 (7 pm)
RENO EVENT CENTER
Don’t miss your chance to see Lynyrd Skynyrd live! It will likely be the last opportunity, as this is their farewell tour. The iconic southern rock/blues rock/hard rock band has been entertaining fans for the last 56 years. While the look and members of the band have evolved through the decades, original guitarist Gary Rossington and guitarist/vocalist Ricky Medlocke still rock on! You’ll enjoy massive hits like “Simple Man,” “Free Bird,” “Tuesday’s Gone” and “Gemme Three Steps.” Buy your tickets now at TicketMaster.com or save some $$$ by purchasing them at the Silver Legacy Box Office.
SATURDAY, MARCH 14 (8 pm)
SILVER LEGACY – GRAND EXPOSITION HALL
For 30 years, comedian Kathleen Madigan has been touring 250 nights on the road and squeezing in hour-long filmed specials and performances on every late night show ever made. This weekend, she squeezes in a special performance at the Silver Legacy Grand Expositional Hall. Her career in standup started out as “a reason to drink” and seemed to evolve with little effort into acting in sitcoms and NETFLIX and even a television commercial. Click here to see Kathleen talk about her naturally happy younger sister. And catch her live by purchasing your tickets at SilverLegacyReno.com.
SATURDAY, MARCH 14 (8 pm-4 am)
I think deep down, there is a little leprechaun in all of us, just bursting at the seams to emerge once a year! This year, Downtown Reno’s big annual Leprechaun Crawl comes a little earlier than St. Patty’s Day to fall on the preceding Saturday, March 14. Yes, that gleaming pot o’ gold is nestled right in the heart of our city, where all Irish, and Wanna-Be-Irish gather to act silly while wearing oodles of green clothing and costumes, and throwing a few drinks back. Check out the details of this memorable event, including the 19-venue map, drink specials and more at CrawlReno.com.
SUNDAY, MARCH 15 (8:30 am)
BEGINNING AT TERRY LEE WELLS NEVADA DISCOVER MUSEUM
Perfect for novice runners, the 8th Annual Leprechaun Race brings loads of fun and is relatively flat! The course leads participants through the Wells and Midtown Districts, is closed to traffic, and is highly monitored by Reno PD and volunteers. If you reach the finish line before the leprechaun who gives you a head start, you’ll win a special prize. Other event giveaways, music, and other goodies are all part of the experience. The event raises money for the Discovery Museum. For more details, please visit Race178.com/LeprechaunRace.
SUNDAY, MARCH 15 (7:30 pm)
GRAND SIERRA RESORT
Experience a rare mix of rollicking punk rhythms with traditional Irish instruments, when the LA-based Celtic rockers of Flogging Molly take the stage at the Grand Sierra Sunday night! The internationally acclaimed seven-piece Irish-American band brings songs that range from “fast and furious” to “tears in your whiskey,” and has captured the attention and following from audiences around the world. Get a feel for their music in “Drunken Lullabies,” “Requiem For A Dying Song” and “If I Ever Leave This World Alive.” See them live in Reno, and purchase tickets at GrandSierraResort.com.
CHOOSE AN AWESOME LOCAL RESORT
With unsettled weather heading into our region this weekend, you may want to consider venturing up the mountain to play in that white stuff again! Check our local ski resorts’ weather, snow conditions and lift statuses in the links below before deciding where to go!
** 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 (email@example.com) or call me directly at 775-233-0682.