July 2024 Market Report

** Data in the JULY 2024 Market Report reflect market activity from JUNE 2024 compared to JUNE 2023.  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).  Please contact me for reports in other areas of Northern Nevada or specific neighborhoods, and I will collect that information for you.  Data in this report only accounts for single-family resale residences and excludes townhouses/condos and manufactured/modular.

As observed in the graph above, the “weekly” market data for the week ending July 6 shows a significant slow-down in median DAYS TO CONTRACT compared to properties that sold in June when DAYS to Contract were 8 in Reno-Sparks. The week ending July 6, the Days to Contract was 25.

The Months Supply of Inventory represents the number of months it would take to sell through the entire inventory in Reno-Sparks at the current sales rate is no new properties were added to the market. This statistic varies by price as seen in the graph below. A balanced market is 5-7 months supply.  The luxury market, homes that are priced over $1.5M, are officially in a Buyer’s Market, with 7.5 Months Supply of Inventory in June 2024.

SUMMARY:

• • Compared to June last year, the Median Sales Price in Reno and Sparks (combined) increased from approximately $596,000 to $610,000… The June Median Sales Price is 7% higher than June 2023.
  • June closings saw the Median Days to Contract (DTC) in June decrease from 9 days to 8 days compared to May. 
  • Looking at more recent pace in July, the Median Days to Contract is increasing, a reflection of what I refer to as the “Summer Slowdown.” Industry professionals suspect that summer vacations during a short school-year break and other travel plans make it challenging for many Buyers to shop for homes.
  • The % of Cash Sales remains near 30% average in Reno-Sparks.
  • Mortgage have dropped below 7% for many buyers.  BusinessInsider.com reports, “Mortgage rates are down this week, with 30-year mortgage rates averaging around 6.30%, according to Zillow data. Rates are lower thanks to recent data showing that inflation slowed last month, and they should fall further as we get closer to a potential Federal Reserve rate cut.”
  • If you are a Buyer and still concerned about interest rates, many lenders are offering refinancing services free of charge 1 to 3 years after your purchase.  So it may be in your best interest to get into the market at todays prices with the idea of lowering your monthly payments in the near future. Contact me for a referral to a great local lender who will carefully walk you through the process!

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

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