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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:
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- 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
May 2024 Market Report
** Data in the MAY 2024 Market Report reflect market activity from APRIL 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:
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- Compared to April last year, the Median Sales Price (MSP) in Reno and Sparks combined decreased slightly from $540,000 to $565,000 from March to April 2024, a 4.6% increase year-over-year.
- The Median Days to Contract dropped from ticked down from 12 days in March 2024 to 11 days in April.
- We continue to be in a strong Seller’s Market, with only 1.5 Months Supply of Inventory (MSI). 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 April 2024, and no new inventory were added to the market, the entire inventory would be depleted in 1.5 months. A balanced market is 6-7 months.
- While activity is picking up, inventory is still low. About 1/2 of the inventory we normally see this time of year (prior to COVID-19) serious Buyers are more likely to have some competition when securing a contract to purchase. Having a qualified, experienced agent who has great relationships with listing agents and understands the nuances of writing a clean, compelling offer can often help during those competitive moments.
- Mortgage rates over the last several months have been higher relative to hyper-low rates during the COVID-19 era (hovering at or over 7%). There are grumblings that these higher rates may stay for a while. However, you may have been delaying your purchase or sale long enough, and your move is imminent. Remember, at some point in the future we should see those rates drop, and many lenders are offering free refinancing services when that does happen.
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
Weekend Warrior: May 2024
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Weekend Warrior: Apr 2024
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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:
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- 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
