August 2021 Market Report

** Data in this report reflect market activity from JULY 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.

• The Median Sales Price in Reno-Sparks held steady at $530,000 in July 2021, a 23% increase from this same time last year. The Median Sales Price sits at the very middle of a data set, with exactly half of the houses priced for less and half priced for more.  Is this the beginning of a leveling-off?  We shall see over the next few months.

• Check out the appreciation of single family homes over time above… The Reno Median Sales Price in July 2021 was $554,000, while Sparks rose to the occasion by breaking the $1/2 Million mark for the first time!!

• 627 single family homes sold in July 2021, a 2.2 % decrease from June 2021 and a 16.5% decrease year-over-year.

• Observe the breakdown of single family homes sold in Reno-Sparks by price range.  Relatively fewer and fewer homes are sold now under $400,000.

• For the first time in over a year, the average sold price for square foot dropped slightly (down 1.2%) compared to June 2021, and is 27% higher than July 2021.

• The Months Supply of Inventory (MSI) in July 2021 was .70 MSI.  This means that if the rate of sales in July continued at the same pace, the entire inventory of single family homes would be “sold out” in only 3 WEEKS.  A balanced market is approximately 5-6 months supply.

• All price points are still well below the balanced market of 5-6 months supply of inventory.  But the luxury market’s months supply of inventory spiked to 2.9 MSI, indication a significantly slower rate of sale compared to the rest of the market.

• The Average % of List Price Received over all price points of Single-Family home dipped from 103.7% to 102.9%.  Buyers are still making aggressive offers, but we are seeing fewer showings and less competition when Buyers are making those offer.

• After experiencing a spike in the average days from Listing to Contract, this period of time dropped back down to 15 days average. The fastest moving market was in the $400k to $500k price range.  Check out the graph below for the breakdown of all price-points.

• The Number of New Contracts has remained fairly constant over the last 5 months with 587 single family homes going into contract.  14% fewer homes went into contract in July 2021 compared to July 2020.

• In July 2021 10% more single family homes came to market than the the previous month. and 4.7% more New Listings compared to July 2020.

SUMMARY:

• What did the last full month of summer before school is back in session bring to Reno-Sparks real estate market:
  • Fewer buyers/showings on listings
  • Fewer purchase offers
  • Competitive offers from those who did make offers
  • Median sales price holding steady
  • Leveling of new contracts
  • Slight increase in new listings
• Do what do we attribute the above slightly cooler activity?
  • Last summer traveling
  • Preparation for kids returning to school
  • Buyer’s fatigue
  • Buyers getting priced out of what they want
• What are YOUR real estate needs? If you need to buy and/or sell, I’m here to guide you through every step of the way. 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.