“The lack of inventory has been the primary driving factor for increasing prices,” said Doug McIntyre, 2018 RSAR President and REALTOR®. “Other indicators in the market are strong. Lending practices are sound, FICO scores are holding, there’s just no inventory and that continues to drive pricing and frustrate buyers.”
The June median price at $385,000 is up 3% from May and up 16% from a year ago.
June unit sales at 572 are down less than 1% from May and down 24% compared to June 2017.
June new listings are down 4% at 754 compared to May and down 11% from one year ago.
The Reno market is a seller’s market, at 1.6 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.
The Washoe County median price is at $385,000 up 16% compared to June 2017. The median price is $20,000 over the peak reached in January 2006 and $250,000 or 185% over the median low of $135,000 in January 2012. The lack of inventory has been the primary driving factor for increasing prices.
Unit sales for the month of June were at 572 down 24% from June 2017. Year-to-date sales for 2018 are down 4% compared to the same period 2017.
During the month of June, there were 754 new listings. New listings had been trending up since December but are down 4% from May. Year-to-date new listings are 3% down compared to the same period 2017.
New listings for the first six months of the year hit a five-year high in 2016 at 4,440. Year to date 2018, new listings totaled 3,866.
The average days to contract were 32 in June down 20% compared to June 2017.
Properties are remaining on the market an average of 69 days down 20% from June 2017.
Sellers are receiving an average of 99.4% of list price up less than 1% from June 2017.
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