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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.
Summary:
- 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 dhallerbach@intero.com.
