April 2021 Market Report

** Data in this report reflect market activity from MARCH 2021 compared to the previous month and year. 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, manufactured/modular and new construction.

In the Reno-Sparks market, the Median Sales Price bumped from $450,000 to $485,000. The median sales price represents the very middle of a data set, with exactly half of the houses priced for less and half priced for more.

Taking a step back and looking at the bigger picture, the graph above illustrates the massive increase in the Median Sales Price over the last 4 years.

The number of single family homes that sold is beginning to show an increase that is typical for the spring season. Still, only 459 single family homes sold in March 2021, an 11% decrease year-over-year, and a 19.5% increase month-over-month.

March 2021 saw the Average Sold Price per Square Foot continue to steadily climb, reaching $272/square foot. This average represents properties sold over ALL price ranges.

Please refer to the chart above for a breakdown of the Average Sold Price per Square Foot by Price Range in March 2021.

The rapid rate of sales at 0.5 Months Supply indicates that we are nowhere near being out of this Seller’s Market. March 2021’s Months Supply of Inventory is a whopping 71.5% lower than in March 2020. This means that what little active inventory we have would “sell out” in only 2 weeks if sales continue at the current rate. Note, a balanced market is more like 5-6 months supply.

Observe the chart above that in nearly all price ranges, the Months Supply of Inventory dropped month-over-month.

The average Number of Days, Listing to Contract, over all price points in March 2021 was 18! … a NEW record low. Check out the graph below for the breakdown at each price-point.

Nearly all price ranges saw single family homes going into contract more quickly in March, compared to February. The most noticeable quicker movement was observed in homes that were listed for $600k+.

Again, taking a step back, the graph above shows the Days to Contract statistics over the last 4 years, and the fast paced market we are in right now!

Likewise, with single family homes getting into contract more quickly, Sellers are also often receiving multiple competing offers well over asking price. The average % of List Price Received over all price points in March 2021 was 102.3%.

The spring selling season is officially upon us! Though volume and unit sales are both significantly low compared to years past, March 2021 saw 40% more New Contracts compared to March 2020, and an increase of 53% in New Contracts compared to the previous month.

The number of New Listings in March 2021, at 592, has increased for the fourth straight month, pointing to a common increase in activity this time of year. Though the number of New Listings is 8.8% fewer compared to March last year, March 2021 saw 29.5% more New Listings compared to February 2021.

SUMMARY:

The rate of absorption continues to be extremely low, with only about an average of 2 weeks of supply.
The Median Sales Price in March 2021, the mid sales-point for sold homes of all price-ranges, was 17% higher than March last year and is $485k for Reno and Sparks combined.
The Average Sold Price per Square Foot continues to steadily rise and is now $272/square feet in Reno-Sparks.
Average Days to Contract for single family homes is 18… historically low!
Need to make a move in this highly competitive market? … Sell your current home while purchasing your next home? My clients have experienced great success at doing just this with the plans we have implemented!! Email direct dhallerbach@intero.com or reach me by cell at 775-233-0682 so we can discuss the best plan for YOU! Thank you, ~Denise Hallerbach, Broker-Owner, INTERO RENO.