May 2019 Market Report

** Data in this report reflect market activity from April 2019 compared to March 2019 and April 2019 compared to April 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:

April 2019 Median Sales Price for single-family re-sale properties (excluding condominiums/townhouses) increased 2.2% compared to March 2019. The Median Sales Price appear stable from the same time last year, showing only a .8% increase from April 2018.
Unit Sales in April 2019 rose significantly from the previous month (519 compared to 443), an increase of 13.6%. Unit sales are 5.5% greater than the same time last year.
# Days to Contract in April 2019 has dropped from 58 days to 45 days, a 21% decrease. Sellers of single family residences accepting offers more quickly than we experienced during fall and winter months. However, in April 2019, getting a property into contract still took 40% longer compared to last year, on the average.
# New Listings are up nearly 30% from April, an indication of typical spring action. 17.5% greater number of new listings hit the market compared to April 2018.
Active Inventory has improved greatly since the same time last year, increasing 33.7% to 1,012 active listings in April 2019. However, even though Months Supply of Inventory shows an increase of 26% from last year to 1.9 MSI, we are still technically in 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 state. A “balanced inventory market” is about 6 MSI.

CONCLUSIONS:

We are seeing typical spring action in the Reno-Sparks Real Estate market… More new listings hitting the market, more units sold, fewer days to contract and an uptick in the median sales price.
Starting to see an increase in median sales price. With inventory still low, and increased buyer activity and demand during the typical selling season, buyers find themselves competing against other buyers again. This could mean an overall increase in the median sales price in our region should the trend continue.
Why no MAJOR increase in median sales price with inventory so low? Remember, NEW home construction inventory is not included in this report. With new home construction on the rise in all parts of Reno-Sparks, there is more inventory out there that factors into what we are actually experiencing. This may be a contributing factor to the suppression of median sales price in the resale market.
Mortgage interest rates are still relatively low compared to the higher rates experienced last year. This should help with affordability to a degree .
Market statistics do vary by neighborhood. For market data and statistics in YOUR specific neighborhood, contact me now. I am happy to help!