September 2021 Market Report

** Data in this report reflect market activity from AUGUST 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 ticked up just 1% from July to August 2021.  The Median Sales Price, at $530,000, is 20% higher than the same time last year and 46% higher than the beginning of 2019.  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.  Will we continue to see a leveling off Median Sale Price as we move into winter? Stay tuned!

• 552 Single Family Homes sold in August 2021, a 14% decrease from July 2021 and a 16% decrease year-over-year.

• The Luxury Market enjoyed the highest Sold Price per Square Foot again in August 2021, with an average of $515/SF in the $1.5M+ price range. The $200k to $299k price range saw the lowest Sold Price per Square Foot at $174.

• The Average Sold Price per Square Foot over all price ranges increased in August 2021 to $316/SF, a 5% rise month-over-month and a 33% boost year-over-year.

• The Months Supply of Inventory (MSI) in August 2021 was .90 MSI.  This means that if the rate of sales in August continued at the same pace through that month, the entire inventory of single family homes would be “sold out” in just under one month.  A balanced market is approximately 5-6 months supply.  We are still very much a “Seller’s Market.”

• All price points continue to sell at a rate well-below the balanced market of 5-6 Months Supply of Inventory.  Again… this is defined as a “Seller’s Market” still.  Typically the luxury market does sell at a slower rate, and so continues to sell at at rate of 2.9 Months Supply of Inventory.

• It took an average of 16 days from publicly Listing to Acceptance of Offers over all price points.  Home are going under contract to sell 50% faster than the during the same time last year, and 78% faster than January of 2019.  It’s amazing to see how the market has changed over the last few years!

• The graph above shows the change from July to August in the Average Days to Contract for each price point.

• Compared to January 2019, the # of New Contracts (homes with accepted offers) was 55% higher in August 2021.  Number of New Contracts was also 12.5% higher compared to July 2021.

• In August 2021 4.4% more single family homes came to market than the same time last year. and 2.3% fewer New Listings compared to July 2021.

SUMMARY:

• What is the market looking like now as we are headed into fall and winter?
  • The Median Sales Price is holding steady at $530,000 in Reno and Sparks combined.
  • Number of units sold has dropped, but this a typical market observance as we move toward the winter months.
  • The rate of accepted offers and sales continues to favor most Sellers.
  • Typically at end of summer, heading in winter, of listing of homes begin to decline. Though we did see a 2.3% drop in New Listings in August, the count is still up compared to last year and compared to Jan 2019.
• Where is this market headed?
  • Inventory and Buyer demand drive every real estate market.
  • While Buyers from CA and other states look to move out of those states and into NV, and while inventory is still low, the Reno-Sparks market appears to be stable at this time.
  • As long as we continue to see new Nevadas moving into Nevada, and we don’t see a flood of inventory, we may realize continued appreciation.  Obviously, there are no concrete guarantees, so we will need to keep a watchful eye on supply and demand in the coming months heading into 2022.
• 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.