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April 2024 Market Report
** Data in the APRIL 2024 Market Report reflect market activity from MARCH 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 combined has increased from $525,000 to $575,000 from January to March 2024, a 7% increase over the last 2 months.
- The Median Days to Contract dropped from 32 in January, to 20 days in February, to 12 days in March 2024… Bottom line, as we make our way through spring, the market is heating up.
- Months Supply of Inventory dropped 14% month-over-month from 1.8 MSI to 1.5 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 March 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.
- I am often asked the burning question, “Should I Buy Now? Or Should I Wait?”
- RamseySolutions.com took the words right out of my mouth in a recent article, “Should I Buy a House Now or Wait for Mortgage Rates to Go Down? The basic principle are these:
- You should buy a house now if you are financially prepared.
- Bear in mind that when interest rates do drop, you will see even more competition possibly resulting in overbids.
- With the anticipation that interest rates will be lower in the future, you will likely be able to refinance at that time to lower your monthly payment.
- RamseySolutions.com took the words right out of my mouth in a recent article, “Should I Buy a House Now or Wait for Mortgage Rates to Go Down? The basic principle are these:
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
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
Salami, Pepperoncini, Cream Cheese Bites
What You Need:
- Your favorite thinly sliced salami
- Whipped cream cheese
- Pepperoncini Peppers or Wax Pepper (Bruno’s, if you can find them)
- Toothpicks
- Assorted olives, if desired
What To Do:
- Working in batches about about a dozen, lay out salami slices, spread desired amount of cream cheese along the center, place a pepper in the middle, roll and poke a toothpick through the center.
- Place in a decorative patter on a place and garnish with an assortment of olives.
Mediterranean Herb Garden Pasta
What You Need:
- 12 oz. linguini or spaghetti, cooked in salted water and boiled until al dente, drained
- 3 Tbsp fruity olive oil
- 3 Tbsp unsalted butter, room temperature
- 2-3 large cloves garlic, finely chopped
- zest of one medium lemon, grated or finely chopped
- 1/4 tsp crushed red pepper
- ~10 oz cherry tomatoes or grape tomatoes, halved and seeded
- salt and freshly ground pepper, to taste
- 1 c fresh basil leaves, coarsely chopped
- 1 c fresh Italian parsley, coarsely chopped
- 1/3 c fresh mint leaves, coarsely chopped
- 1/4 cup chives, chopped
- 1 tsp lemon thyme or regular thyme leaves, chopped
- 1/4 cup pitted kalamata olives, halved
- marinated artichoke hearts, halved or quartered, to taste
- crumbled feta cheese, to taste
What To Do:
- Combine olive oil, butter, garlic, lemon zest, crushed red pepper, tomatoes, salt and pepper in a heatproof bowl the pasta will be tossed in. While bringing the salted pasta water to a boil in a large pot, place bowl over the pot to warm up the ingredients and melt the butter. Once the water reaches a boil, set the bowl aside.
- Cook pasta according to directions until al dente. Drain pasta well and immediately add to sauce in the bowl. Sprinkle with basil, parsley, mint, chives and thyme and toss.
- Add & toss in olives, artichoke hearts and feta cheese. Add salt and pepper to taste, if needed. ENJOY!!
Italian Lentil Soup
Italian Lentil Soup
What you need:
- 2 Tbsp butter
- 1 large white onion, diced
- 4 celery stalks, diced
- 3 carrots, diced
- 4 large garlic cloves, chopped
- 4 small zucchini, diced
- 6 large tomatoes, diced
- 2 tsp dry oregano
- 1 cup red wine
- 6 cups beef broth
- 12 oz lentil beans
- 2 cups fresh kale, coarsely ripped
- salt/pepper (to taste)
- 1 package sweet Italian sausage
- Parmesan cheese, grated
- fresh basil
What to do:
- Sauté onion, celery and carrots over medium heat about 5 minutes.
- Add garlic, zucchini, tomatoes, wine and oregano, reduced heat to low and simmer 20 minutes stirring occasionally.
- Add beef broth, lentils, salt/pepper, bring to low boil for 30 min.
- While soup is cooking, BBQ sausage thoroughly and cut into slices. If unable to BBQ, steam sausage about 4 min on each side in a covered skillet in about 3/4 inch of water. Remove sausages, slice lengthwise down the middle, place on a foil-lined broiling pan, place on second to highest rack position, and broil until fully cooked and browned… flip them and brown on other side, then cut into bite-sized pieces.
- Add sausage to soup for about 30 min and cook until beans are not crunchy; And kale during the last 10 min.
- Add water if soup becomes too thick and season with salt if necessary.
- Serve with a dollop of sour cream and slices of fresh basil to taste.
Enjoy!
