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Phase 2 of the re-opening of Nevada officially begins this weekend. While many keep a close eye on what is happening with COVID-19 and the economy, we at Intero Real Estate Services are committed to keeping you informed with what is happening in the Greater Reno-Sparks real estate market. “The Weekly Watch” provides you with the most current information on a weekly basis to help you make informed decisions regarding your investments. The graphs below represent activity for single-family residences (excluding condos, townhouses and new construction) from the week ending May 23, 2020 compared to the previous week and year. The numbers are subject to change slightly, due to late reporting by real estate agents to Northern Nevada Multiple Listing Service.
The Median Sales Price the week ending May 23 was nearly $400,000, exactly where the Median Sales price was sitting this same week last year. This aspect of the market does not appear to be affected by COVID-19 at this time.
The # of Closed Sales dipped (-8.4%) from the week ending May 16 to the week ending May 23. Looking at the same period of time last year, sales volume is about 1/2 of what posted the week ending May 25, 2019. Over the last 7 weeks, sales volume has been fairly consistent as seen in the circled section in the chart above.
As seen in the chart above, the bulk of sales last week were in the $300k-$500K range. The high-end market also saw some action as well. These figures represent properties that went into contract about 1 month ago.
Though sales volume continues to be lower than in recent years, the Percentage of List Price received remains high. The week ending May 23, Sellers received an average of 98.9% of their asking price. This continues to likely be a strong factor for the Median Sales price staying steady over the last few months.
During the week ending May 23, single family homes that sold this week took an average of 44 days from listing the property to negotiating a contract. This stat is representative of properties that went into contract about 30 days ago, a customary timeframe for escrow.
The # of Active single family homes available for sale dropped slightly (-5.4%) week-over-week. Over the last 2 months, since the WHO (World Health Organization) Pandemic Declaration, our active inventory has held fairly constant, as indicated in the circled timeframe.
This is the stat we like to see!! The most promising news of the market, AGAIN, is the now 7-week upward trend of the # of New Contracts/Pending Sales. This marks a 17.7% increase week-over-week and a 25% increase compared to this week last year.
The # of New Listings brought to market dipped slightly, with 6.6% fewer homes being listed the week ending May 23 compared to the week ending May 16. There were nearly 45% fewer homes listed this week than during the same week in 2019.
Summing It Up…
- Buyer demand continues to keep pace with the level of active inventory, resulting in continued steadying of the Median Sales Price that has hovered around the $400k mark for months.
- Sales Volume, Active Inventory and # of New Listings are still down significantly from the same week last year. However, with Buyers staying on track with purchases, our activity appears stable.
- Mortgage applications rose for the 6th straight week, as they were fueled by historically low mortgage rates and pent-up demand. The Mortgage Bankers Association reports that mortgage applications are up 9% year over year. Refinancing applications have doubled since the same week last year as well. If you are in need of a qualified loan officer, contact me now and I will refer you to the best in our industry.
- 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 dhallerbach@intero.com.
