Conclusions for the 2018 Reno/Sparks April Market Update
“New listings in April were down 13 percent compared to April 2017. The lack of supply will likely cause monthly sales to be lower compared to the same time last year. Supply has not kept up with demand.” - Doug McIntyre, 2018 RSAR President
The April median price at $374,000 is down less than 1% from March and up 15% from a year ago.
April unit sales at 483 are down 12% from March and down 7% compared to April 2017.
April new listings are up 11% at 646 compared to March and down 13% from a year ago.
The Reno market is a seller’s market, at 1.3 months supply of inventory.
The April median sales price at $374,000 is down slightly from March 2017. The Reno area median sales price, which reached a new high of $400,000 in March, was down 4% to $386,000 in April.
Unit sales are down 12% from the prior month. Year-to-date sales are up 3% compared to the same period last year.
New listings in April were up 11% from March and down 13% compared to April 2017. Year-to-date new listings are down 2% from the same period in 2017 and down 19% compared to the same period in 2016.
The gap between new listings on the market and new contracts has diminished. For the past 15 months, new contracts have been keeping pace with the new inventory coming on the market.
The lack of supply will likely cause monthly sales to be lower compared to the prior year.
The average days to contract were 34 in April down 28% compared to April 2017.
Properties are remaining on the market an average of 78 days down 21% from April 2017.
Sellers are receiving an average of 99.3% of list price up less than 1% from April 2017.
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