July 2018 Full Market Report by Reno Sparks Association of Realtors
by Jenna Heisser
on Saturday, August 11th, 2018 at 1:36pm.
“The Washoe County median price is at $389,000, which is up 10 percent compared to July 2017,” said Doug McIntyre, 2018 RSAR President. “This is a record high median price for the Reno/Sparks market. When you factor in pricing with the seasonal trend, I would anticipate that unit sales numbers may not reach 2017 levels.”
The July median price at $389,000 up 2% from June and up 10% from a year ago.
July unit sales at 555 are down 7% from June and down 17% compared to July 2017.
July new listings are down 13% at 690 compared to June and up 4% from one year ago.
The Reno market is a seller’s market, at 2 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 is at $389,000 up 10% compared to June 2017 and a new record high.
Unit sales for the month of July were at 555 down 17% from June 2017. Year-to-date sales for 2018 are down 6% compared to the same period 2017. Coupled with the seasonal cycle, unit sales are declining under the weight of pricing.
During the month of July, there were 690 new listings. New listings had been trending up since December but are down 13% from June which follows the seasonal trend. Year-todate new listings are down 1% compared to the same period 2017. Year to date 2018, new listings total 4,608.
The average days to contract were 37 in July down 12% compared to July 2017.
Properties are remaining on the market an average of 72 days down 12% from July 2017.
Sellers are receiving an average of 99.2% of list price down 5% from July 2017.
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