Someone grab a blanket - this market is cooling off!
Reno/Sparks area REALTORS sold 542 single family homes in August, which was 23 fewer than July 2018, and a 23% decrease compared to this time last year.
The number of available homes went up from July, with 1,266 homes active on the market in August. Inventory is also up by about 12% when compared to August, 2017. Buyers will welcome more listings in the market to meet the demand that we have had for the past several years.
The median sold price for single family homes in Reno/Sparks decreased 4% to $372,551 in August. Despite the monthly decrease, we still have a 6% increase when comparing to August 2017. “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 increased by 4 days from July to August to 76 days. At this time last year, days on market was 13.8% higher, or 89 days, so the Days on Market that we see today still represents a very fast paced market.
If you are trying to buy or sell in a highly competitive market like we are experiencing, we should meet so I can help you buy or sell at the best price.