Market Stats September 7th, 2017

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I have some market news to share with you.

Actives vs Solds – Reno/Sparks, NV

Active vs Sold Reno Sparks

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Market activity in the Reno/Sparks area for Single Family homes was as hot as the weather in August. Let’s take a look at the details.

There were 1,965 homes available at the end of August. This a decrease of nearly 3% when compared to July, and down 21.8% when compared to this time last year. It is important to note that these statistics include homes that are active and available for purchase, as well as homes that are in contract but not yet closed. Next, we will look at the number of units sold.

Reno/Sparks area REALTORS sold 678 single family homes in August, which was an increase of 6.4% over July. The number of sales in August was also up 13.8% from the 596 sales in August of 2016. With year over year inventory down and more sales year over year, our area will continue to experience increases in median price in many neighborhoods.

So, let’s take a look at how the demand and sales activity impacted median price and average days on market through August.

While the median sold price for single family homes in Reno/Sparks decreased 2.2% from $357,500 in July, the better reference is our year over year increase of 12.7%. Last August, our median price was $310,000. This year, it is $349,500.

Average Days on Market for homes sold in August increased 3.6%, from 83 days in July to 86 days. It is normal during the peak summer months to see the average days to hover in this low to mid 80-day range. In a fast-moving market such as ours, you will want to be sure to work closely with me and your lender to be pre-qualified before looking at homes.

Why should this information matter to you? The supply-demand equation continues to drive home prices up in the most affordable price ranges. However, the pace of price increases often depends on a specific neighborhood or area of town. Whether you are considering a move to downsize, move up, or even a move across town, now is a great time to talk about your options.

Call me, and let’s chat.

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Christy Klingler. Realtor

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Call. Text. 775.750.5492

Email: cklingler@dicksonrealty.com

Web: https://renosparksinfo.com  &

http://christy.klingler.dicksonrealty.com

 

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Reno/Sparks Sales Price Jumped to the Next Bracket

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As of August 28th, there were 1,077 homes on the market that were Active and Available for purchase. This number was slightly less than the 1,082 on the market at the end of July. Despite this small change month over month, Available Inventory is down 32.8% from the 1,602 homes on the market at this time last year. Sixty-seven percent, or 724 of the homes on the market today have asking prices under $600,000, and less than 20% of the homes on the market have asking prices below $300,000.

Now, let’s talk about absorption rate by price range. The Absorption Rate, or Days of Available Inventory, is the amount of time it would take to sell off existing homes for sale if no additional homes came onto the market.

As expected, a strong seller’s market exists in prices below $600,000, often with competing offers in some neighborhoods. For homes priced below $300,000, we have just 18 days of inventory, emphasizing the great need for more affordable homes in the region. That is the lowest inventory in that price range since March of 2015. For homes in the range of $300,001-$600,000, available inventory is 60 days, or 2 months. The exceptionally low inventory in these price ranges means it is a great time to sell with little competition. It is also an excellent time to consider moving up to a higher priced home where more inventory is available.

With an inventory of 5.8 months, the $600,001 to $900,000 price range represents the most balanced market between buyers and sellers. In the territory above $900,000, the market begins a shift to favor the buyer. The months of inventory is nearly 10 months for properties in the $900,000 to $1,500,000 range. For homes priced over $1,500,000, we have almost a 3 YEAR supply.

It is good to remember that The National Association of REALTORS considers 5 to 6 months of inventory a healthy market, where neither buyers nor sellers have a distinct advantage.

The typically strong summer selling season is sustaining, so let’s look at the Percentage of Sales by price range. 92% of all sales this year have been under $600,000, with 45.7% of sales occurring below $300,000, and 46.3% of sales between $300,000 and $600,000. Only 5.5% of sales this year have been between $600,000 and $900,000. The remaining sales, or just 2.5% of all sales, were over $900,000.

The supply-demand equation continues to drive home prices up in the most affordable price ranges. However, the pace of price increases often depends on a specific neighborhood or area of town. Whether you are considering a move to downsize, move up, or even a move across town, now is a great time for us to speak to discuss your options.