August 2018 Full Market Report by Reno Sparks Association of Realtors
by Jenna Heisser
on Monday, September 10th, 2018 at 7:10pm.
“During the month of August, there were 778 new listings,” said Doug McIntyre, 2018 RSAR President. “Since January of this year, active inventory levels have been trending up and reached a 21-month high in August. Months Supply of Inventory also reached a 16-month high at 2.4 months. The increasing levels in inventory should take some of the stress off median price.”
The August median price at $372,551 is down 4% from July and up 6% from a year ago.
August unit sales at 542 are down 4% from July and down 23% compared to August 2017.
August new listings are up 10% at 778 compared to July and up 4% from one year ago.
The Reno market is a seller’s market, at 2.4 months supply of inventory. Months supply of inventory is the time it would take to exhaust the active inventory at the current rate of sales. Conclusions
The Washoe County median price at $372.551 is up 6% compared to August 2017. We are seeing some seasonal leveling in the median price. With slightly higher inventory levels, buyers will have more choices.
Unit sales for the month of August were at 542 down 23% from August 2017. Year-todate sales for 2018 are down 8% compared to the same period 2017.
During the month of August, there were 778 new listings. Since January of this year, active inventory levels have been trending up and reached a 21-month high in August.
Months Supply of Inventory reached a 16-month high at 2.4.
Days to contract for August are at 42, that’s up 10% from August 2017.
Properties are remaining on the market an average of 76 days down 13% from August 2017.
Sellers are receiving an average of 99% of list price up less than 1% from August 2017.
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