“For the first four months of the year, year-to-date sales for 2018 were ahead of 2017,” said Doug McIntyre, 2018 RSAR President and REALTOR®. “In May, that trend came to a halt, and 2018 year-to-date sales are down 1 percent compared to the same period in 2017.”
The May median price at $374,000 is level with April and up 12% from a year ago.
May unit sales at 560 are up 14% from April and down 18% compared to May 2017.
May new listings are up 12% at 748 compared to April and down 9% from one year ago.
The Reno market is a seller’s market, at 1.4 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.
The Washoe County median price is at $374,000. After reaching $375,000 in March, it has remained level for the past two months.
Unit sales for the month of May were at 560 down 18% from May 2017. For the first four months of the year, year-to-date sales for 2018 were ahead of 2017. In May that trend stopped, and 2018 year-to-date sales are down 1% compared to the same period 2017.
During the month of May, there were 738 new listings. New listings have been trending up since December. Year-to-date new listings are 3% down compared to the same period 2017.
Days to contract in the price range of $300,000 - $400,000 are at a low of 22 days. This price range saw the highest volume of sales with 210 sales in May.
The average days to contract were 37 in May down 8% compared to May 2017.
Properties are remaining on the market an average of 72 days down 21% from May 2017.
Sellers are receiving an average of 99.3% of list price up less than 1% from May 2017.
At the Nevada Realtors Conference in Las Vegas this month, Lawrence Yun reported there is diminished optimism in the home buying process. Buyers are frustrated by the low inventory, weakening affordability, and do not want to compete against multiple offers on properties.
As predicted, the lack of supply is impacting the number of sales compared to last year.
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