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** Data in this report reflect market activity from July 2019 compared to June 2019 and July 2019 compared to July 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:
- July 2019 Median Sales Price for single-family re-sale properties in Reno-Sparks (excluding condominiums/townhouses) increased 1.3% from June 2019 to July 2019 ($400,000 to $405,000). The Median Sales Price jumped 5.2% from this same time last year.
- # of Units Sold in July 2019 increased 4.2% from the previous month to 746 units. Unit sales are also up about 4% from the same time last year.
- # Days to Contract continues to increase and are up significantly from the same time last year. It is now taking an average of 30% more days to receive an accepted offer on a single family home.
- # New Listings is down 5% from June 2019 and up just 3.6% since last year.
- Months Supply of Inventory (MSI) has increased about 6% since June 2019, and increased 10.4% 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:
- Curious about the median sales price in Reno, apart from Sparks? Though the median in Reno dipped 2.5% from May to June this year, it rallied 2% from June to July. Sparks also experienced and increase of 1.6% in the median sales price in the last month. In general, the median is up in BOTH cities 4.5-5% year-over-year.
- We are seeing a slow down in activity here at the end of summer. This is a typical seasonal phenomenon. With buyers and potential sellers wrapping up their travels and getting their children back in school, this may account for the increase in number of “days to contract” at this time.
- Ever wonder how buyers are making their purchases in Northern Nevada these days? We took a look at sales by price range over the last 3 months. Below is the breakdown of financing vs. cash purchases. Pretty interesting…
- Mortgage interest rates continue to stay low. Borrowers with good credit are seeing rates sub-4%. Visit MortgageNewsDaily.com for today’s prevailing rates. Though remember, that a borrower’s actual interest rate is directly related to his/her financial and credit standings, and can vary by loan program. Need a lender? Contact me today for an awesome local referral!
- 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.
