March 2024 Market Report

** Data in the MARCH 2024 Market Report reflect market activity from FEBRUARY 2024 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).  For reports in other areas of Northern Nevada or specific neighborhoods, please contact me, and I will collect that information for you.  Data in this report only accounts for single-family resale residences and excludes townhouses/condos, manufactured/modular, and all new construction.

SUMMARY:

• • The Median Sales Price (MSP) in Reno and Sparks are have remained relatively flat through the winter months. Reno’s MSP was approximately $590,000 (approx. 1% increase compared to Jan 2024 and 2.6% increase compared to Feb 2o23) and Sparks MSP was $567,500 (approx. 1/2% decrease month-over-month and 8.5% increase compared to Feb 2023)
  • With the Median Days to Contract dropping from 32 to 20 days (down 37.5% compared to Jan 2024) we are seeing a corresponding increase in pending sales.  Pending sales are up a whopping 42% month-over-month.
  • Months Supply of Inventory plummeted from 2.2 MSI to 1.6 MSI, indicating a continued Seller’s Market.  Months Supply of Inventory is a measure of the rate of sales. If single family homes in Reno-Sparks continue to sell at the same rate as in February 2024, and no new inventory were added to the market, the entire inventory would be depleted in 1.6 months. A balanced market is 6-7 months.
  • With mortgage rates still hovering around 7%, Buyers and Sellers continue to ask themselves, should I STILL wait to make my next move?  A few critical factors should be your guiding force:
    • Are you financially stable and qualified? Speak with your financial and tax advisors and your mortgage lender to determine if you’re qualified for a purchase now. Need an excellent mortgage expert?  Contact me to find the best in the business.
    • Understand that as the spring buying season heats up, if inventory remains low and demand continues (as I anticipate it will), prices are likely to begin increasing again. Now could be the best time to make your move, considering the projection of increased home prices.
    • Realize the possibility of refinancing to lower your monthly payment when rates drop again at some point in the future.
  • So what is happening with mortgage rates, now, and in the near future?  Most mortgage rate experts and real estate economists predict rates will moderate in the next several months.  Visit “TheMortgageReports.com” for a more thorough explanation of what the experts are predicting.

Is your next home sale and/or purchase happening in 2024, or even 2025?   Email me at Denise@DrakulichRE.com or reach me by cell at 775-233-0682 so we can begin analyzing the best plan for YOU!

~Denise Hallerbach, Associate Broker, Better Homes and Gardens Real Estate – Drakulich Realty