November 2023 Market Report

** Data in the November 2023 Market Report reflect market activity from October 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 only accounts for single-family resale residences 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 October 2023 was 2.4 months, meaning that if the rate of sales continued at the same rate as it did in October, the entire housing inventory would be depleted in 2.4 months.  A “balanced market” is typically between 5 and 7 months.

SUMMARY:

• • The Median Sales Price for Reno-Sparks combined in October 2023 sits at $575,000, 1.8% higher than last month and 6.5% higher than October last year.
  • A new National Association of Realtors report this week (Nov 9) announced that Home Prices Are Still Rising in More Than 80% of the U.S. Market, and Reno and Sparks are no exception to the national trend.
  • Why are properties continuing to appreciate?  Inventory remains low due to lingering higher interest rates, causing many potential Sellers to stick with the historically low-interest rates they bought or refinanced into during the last few years.  Most Buyers and Sellers are those who NEED to buy and sell, so demand from these players continues.  Inventory is low, and demand continues to put upward pressure on the prices of those homes on the market.
  • What is happening with mortgage rates now?  According to Freddie Mac Chief Economist Sam Khater, a “slight reprieve for mortgage rates, which hovered near 8% in recent weeks, is welcome news after reaching 20-year highs. The 30-year fixed-rate mortgage dropped a quarter of a percent this week (Week of November 6, 2023), the largest one-week decrease since last November.  The drop resulted in a 3% increase in loan applications. This is great news for homebuyers.  Now let’s see if this trend continues!

So 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.  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!  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.