June 2018 Full Market Report by Reno Sparks Association of Realtors

Posted by Jenna Heisser on Wednesday, July 11th, 2018 at 1:15pm.

“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.

Median Sold PriceAverage Price Per Sq Ft

Number of Units SoldActive Inventory

Number of New ListingsMonths Supply of Inventory

Median Sold Price by Area

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