June 2019 Market Report

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

May 2019 Median Sales Price for single-family re-sale properties (excluding condominiums/townhouses) increased 4% to $390,000 compared to the previous month. The Median Sales Price was also up 4% from the same time last year.
Unit Sales in May 2019, the number of sold units rose increased 22.6%. Unit sales are 13% greater than the same time last year.
# Days to Contract in May 2019 has dropped from 45 days to 37 days, a 14% decrease compared to the previous month. Sellers of single family residences are accepting offers more quickly than we experienced earlier in the year. However, in May 2019, getting a property into contract still took 11.4% longer compared to last year, on the average.
# New Listings are up nearly 10% from April 2019, typical for this time of year. 14.4% greater number of new listings hit the market compared to May 2018.
Active Inventory has improved since the same time last year, increasing 11% to 1,201 active listings in May 2019. However, even though Months Supply of Inventory shows an increase of nearly 20% from last year to 1.8 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:

Stable and healthy growth with regard to median sales price lies at 2-3% per year. Year over year, an increase of 4% here in Reno-Sparks is perceived to be a healthier growth rate.
Homes that are well taken care of, and priced close to market value compared to similar properties in their neighborhood are getting snatched up more quickly. We are seeing multiple offers again, and homes selling very close to asking price.
If purchasing a home in today’s market is your priority, take action. Inventory is still low, so waiting until next week to see a home you love that comes to market today will likely not cut it. If it looks great and is priced right, it will probably be under contract for purchase before you’ve even had a chance to see it. If you like it, call me and we’ll go see it!
Mortgage interest rates continue to stay low. According to Freddie Mac, 30-year fixed rate mortgage rates have neared a 2-year low. This is encouraging for buyers who have needed a little extra time to find the right home.
Market statistics do vary by neighborhood. For market data and statistics in YOUR specific neighborhood, contact me now. I am happy to help!