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** Data in the June 2023 Market Report reflect market activity from May 2023 compared to the previous month and year. Information is gathered from the Sierra Nevada 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 Months Supply of Inventory (MSI) represents the number of months it would take to sell through the available inventory at the current rate of sales. The MSI in May 2023 was 1.6 months, meaning that if the rate of sales continued at the same rate as it did in May, the entire housing inventory would be depleted in 1.6 months. A “balanced market” is typically between 5 and 7 months.
SUMMARY:
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- The Median Sales Price in May 2023 has increased again, up 2.7% in Reno-Sparks combined month-over-month, but is still down 9.5% compared to last year.
- The number of Closed Sales is remains significantly low compared to historical data. This is largely due to lack of inventory in our market.
- However, because the pace of activity is steady overall with 1.6 Months Supply of Inventory, and inventory is minimal, we are seeing the Median Sales Price tick upward again.
- Median Days on to Contract ticked up from 11 to 14 month-over-month and double year-over-year from 7 to 14.
- What homes ARE selling these days? These are the homes that are perfectly prepped, perfectly staged, show well and are in neighborhoods that are in higher demand.
When is YOUR next move? If you’re in a position that you need to make a move, contact me to help you strategize. As a buyer, I can help you potentially negotiate with Sellers to buy down your interest rate, making your next purchase more affordable. And as a Seller, recognize that inventory is extremely low, and there are fewer homes for sale to compete against. This could be a great time to list & sell!
If you need an expert to guide you through your next real estate purchase or sale, I am here for you, whatever your real estate needs are. Email me at dhallerbach@intero.com or reach me by cell at 775-233-0682 so we can discuss the best plan for YOU!
~Denise Hallerbach, Broker-Owner, INTERO RENO.
