December Market Profile for Reno/Sparks
The median price in Reno/Sparks decreased slightly by $4,000 to $351,000 in the month of November. Despite the monthly decrease, there has been a year-over-year increase of nearly 5% since November 2017.
As for the number of sales, there was over a 7% decrease from October to November and almost a 15% decrease when compared to this time last year.
127 fewer new listings entered the market in November than did in October, which represents an 18% decrease. Although the month over month comparison appears dramatic, when comparing year over year, the number of new listings actually increased by over 24% compared to November 2017.
Inventory of available homes decreased by 8.5% to 1,513 available homes in November. Despite this decrease, inventory is up by 56% or 543 listings compared to November 2017.
The Months Supply of Inventory represents how many months it would take to sell all the homes currently available if no new homes entered the market. Current inventory is 82% higher than the supply we had a year ago. Although the additional inventory of homes for sale is good news for buyers, the overall 2.9 months of inventory is firmly in a seller’s market territory. Five to six months of inventory is considered to be a balanced market.
What does all this mean if you are looking to buy or sell a home? For sellers, it means that while it is still a great time to sell, greater inventory will present buyers with more options, so you’ll want your home to be prepared before putting it on the market. For buyers, you have more options, but demand remains strong, so you will want to be pre-qualified before looking at homes.