Reno-Sparks Market Report September 8, 2023

September 2023 Market Report

** Data in the September 2023 Market Report reflect market activity from August 2023 compared to the previous month and year.  Information is gathered from the Sierra Nevada Realtors ® (RSAR) for the Greater Reno-Sparks region via the 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 is 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 1.9 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 1.9 months.  A “balanced market” is typically between 5 and 7 months.

SUMMARY:

    • The Median Sales Price in Reno-Sparks combined, held steady for the second straight month in August 2023 AND ticked up 2.3% compared to August last year.
    • Inventory and sales volume remain lower than usual this time of year.
    • Sellers hesitate listing their homes, many because they have re-financed or purchased with an extremely low interest rate and are satisfied with staying put. Unless homeowners have a very good reason for making a move now, most of them appear to be staying put.
    • However, while inventory remains low, the increase in the median sales price since the start of 2023 is a result of healthy demand for homes in Northern Nevada.
    • And while interest rates are higher than they were a couple of years ago, these rates are not stopping out-of-state Buyers from making their way to Northern Nevada.  It seems the overwhelming tax benefits of moving to Nevada outweigh the higher rates for many buyers making their move.
    • Have you heard of the adage, “Marry the House, Date the Rate?” The principle works like this.  Buyers commit to purchasing their home with the understanding that their monthly payment is comfortable for them at a time before home prices continue to rise.  Then, when interest rates eventually drop in the future, the homeowner would be in a position to refinance and bring down his/her monthly payment at that time.

When is YOUR next move?  If you’re in a position where 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.