Reno-Sparks Market Report July 10, 2023

July 2023 Market Report

** Data in the July 2023 Market Report reflect market activity from June 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 June, the entire housing inventory would be depleted in 1.6 months.  A “balanced market” is typically between 5 and 7 months.

SUMMARY:

    • The Median Sales Price in June 2023 has increased for the 5th straight month, up 3.6% in Reno-Sparks combined month-over-month, and is down 4.2% compared to June last year. 
    • The # of Closed Sales remains strikingly low compared to historical data.  This is largely due to lack of inventory in our market. The # of closed sales is about 1/3 to 1/2 of volume during “Pre-COVID” years.
    • 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 bump higher again.
    • Median Days to Contract increased slightly up from 14 to 16 month-over-month.
    • The # of Pending Sales compared to July last year is up 9% from the previous month and up nearly 20% from the same time last year.
    • What impact are higher interest rates having playing on the market nationally vs. locally?  According to Forbes.com, “Despite high mortgage rates, the market remains as competitive as ever thanks to strong demand coupled with tight inventory supply, due, in part, to those who purchased homes in recent years at record-low interest rates staying put.” And “while home prices aren’t as high as the record prices of June 2022, data suggest that where home prices dip or climb this year remains heavily region-specific.” Reno-Sparks real estate appears continue to be one of the more “higher demand” regions in the country.  California’s soaring taxes and Nevada’s business-friendly, tax-advantages and desirable quality of life are still leading Golden State residents to the Silver State.

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.