Reno-Sparks Market Report August 16, 2023

August 2023 Market Report

** Data in the August 2023 Market Report reflect market activity from July 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.

**Note that the 1 property that sold in July in the $100k to $199k price range.  This data may have skewed the Days to Contract stats here, as the price ranges that represented the highest number of sold units ($400k to $749k) realized a range of 10-20 Days to Contract.

  • 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 1.8 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 1.8 months.  A “balanced market” is typically between 5 and 7 months.

SUMMARY:

    • The Median Sales Price in Reno-Sparks combined, held steady month-over-month AND year-over-year in July 2023 at $574,475.
    • With inventory remaining low and the rate of sales hovering between 1 and 2 Months Supply of Inventory, our inventory IS turning over, just not as rapidly as it did during the rush of COVID-19 (2020-2021). Median Days to Contract increased slightly up from 16 to 18 days month-over-month.
    • Though higher interest rates are putting some Buyers on hold and causing some Seller to hesitate listing their homes, the name of the game these days is “motivation.”  Those who need to move will move.
    • As usual, we continue to see Californians leaving the state, particularly the Bay Area, to seek favorable tax laws, more affordable housing and desirable quality of life.  Additionally, Reno’s close relatively proximity to the Bay Area offers new residents of Nevada the opportunity to visit friends and family still living in California.

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.