October 2018 Market Report by Reno Sparks Association of Realtors

Posted by Jenna Heisser on Monday, November 12th, 2018 at 2:04pm.

“The Reno market is a seller’s market, at 2.9 months supply of inventory,” said Doug McIntyre, 2018 RSAR President. “The months supply of inventory for the past two months has been at 3 months. This shows an improvement in inventory levels, providing buyers more choices.”

  • The October median price at $380,000 is up 2% from September and up 10% from a year ago.
  • October unit sales at 459 are up 1% from September and down 17% compared to October 2017.
  • October new listings are down 14% at 556 compared to September and up 1% from one year ago.
  • The Reno market is a seller’s market, at 2.9 months supply of inventory. Conclusions
  • The Washoe County median price at $380,000 is up 2% compared to September 2018. Although the median price continues to climb, we are seeing a slowing in the monthover-month increases in median price.
  • In a recent report in Housing Wire, VeroFORECAST predicted the top 10 Metropolitan Statistical Areas with appreciation from 9.3 to 11.7% through September 1, 2019. Reno was ranked number 7 at a predicted 10% appreciation in the next twelve months.
  • The overall slowdown in unit sales can’t be attributed to just one thing. It’s typical to see fewer sales in the colder months and inventory levels are down 15% from October 2016.
  • Affordability is still an issue and has been further impacted by an increase in lending rates.
  • Days to contract for October are at 54, up 11% from October 2017.
  • Properties are remaining on the market an average of 79 days down 12% from October 2017.
  • Sellers are receiving an average of 98.6% of list price down less than 1% from October 2017.

 Median Sold PriceAvg Price Per Sq Ft

Active InventoryNumber of Units Sold

Number of New ListingsMonths Supply of Inventory

Median Sold Price by Area

 

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