October 2018 Market Report by Reno Sparks Association of Realtors
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.
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