It may take longer to sell, but median prices are hanging in there.
Reno/Sparks area REALTORS sold 355 single family homes in February 2019, which was 31 more than January, but 89 fewer than February of last year. It is good to see a increase in sales despite the weather throughout the month. A combination of rising prices, fluctuating interest rates, and a shortage of inventory in the most affordable price ranges are the biggest contributors to the lower number of sales year over year.
There were 905 homes active on the market at the end of February, which was an 8.2% decrease from January, marking the 5th consecutive month with lower inventory. Although we had a decrease month to month, inventory is up by almost 32% year over year. The year over year increase in inventory is providing slight relief to buyers in the region.
The median sold price for single family homes in Reno/Sparks increased by 2% to $369,000 in February. When compared to February of 2018, there was a very slight decrease of 0.3%. “Median” means “in the middle”, so half of home sold for less and half sold for more. An annualized upward trend in median price is expected to continue for the foreseeable future.
Average Days on Market for homes sold in February increased by 6 days to 105 days in February. At this time last year, days on market was 88 days, which is almost 20% lower. The Days on Market that we see today still represents a very fast paced market. It is important to be pre-qualified with a lender before looking at homes to buy. If you do not have a preferred lender, I can give you a recommendation.
Whether buying or selling in today's complex market, having an expert agent on your side can help you buy or sell at the best price. Let me know if you have any questions or would like any more information about our market.