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What is Your Home Worth?

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What is Your Home Worth?

The Reno Market is still at a seller’s market,” said Angelica Reyes, 2018 RSAR president. “The inventory levels are gradually increasing, and prices are slowly falling, which is a good sign for future buyers.”

• During December 2018, the report showed Reno/Sparks had 373 sales of existing single-family homes; a decrease of 20 percent from November 2018 and a decrease of 24 percent from December 2017.
• The median sales price for an existing single family residence in Reno/Sparks in December 2018 at $362,000; a 5 percent increase from last year and a 4 percent decrease from the previous month.
• The median sales price of existing condominium/townhomes in Reno/Sparks in December 2018 was $199,650; an increase of 20 percent from last year
• In

“The trend in rising median price is slowing which can be attributable to the winter season and the increase in interest rates as the Federal Reserve adjusts for inflation,” said Doug McIntyre, 2018 RSAR President. “All indicators point to a correction in the market as opposed to a real estate bubble.”

• The November median price at $377,000 is down 2% from October and up 7% from a year ago.
• November unit sales at 444 are down 5% from October and down 17% compared to November 2017.
• November new listings are down 17% at 469 compared to October and up 20% from one year ago.
• The Reno market is a seller’s market, at 3 months supply of inventory. Months supply of inventory is the time it would take to exhaust the active inventory at the current

“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

“We are seeing a leveling trend of the median sales price in the area,” said Doug McIntyre, 2018 RSAR President. “Since March of this year, median price in the Reno/Sparks has hovered in the $370K to $375K range, except during the summer months, when it reached a high of $389,000.”

• The September median price at $374,000 is up 1% from August and up 11% from a year ago.
• September unit sales at 439 are down 22% from August and down 28% compared to September 2017.
• September new listings are down 22% at 630 compared to August and up 10.3% from one year ago.
• The Reno market is a seller’s market, at 3.1 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.

 “During the month of August, there were 778 new listings,” said Doug McIntyre, 2018 RSAR President. “Since January of this year, active inventory levels have been trending up and reached a 21-month high in August. Months Supply of Inventory also reached a 16-month high at 2.4 months. The increasing levels in inventory should take some of the stress off median price.”

• The August median price at $372,551 is down 4% from July and up 6% from a year ago.
• August unit sales at 542 are down 4% from July and down 23% compared to August 2017.
• August new listings are up 10% at 778 compared to July and up 4% from one year ago.
• The Reno market is a seller’s market, at 2.4 months supply of inventory. Months supply of inventory is the time it would take

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“The Washoe County median price is at $389,000, which is up 10 percent compared to July 2017,” said Doug McIntyre, 2018 RSAR President. “This is a record high median price for the Reno/Sparks market. When you factor in pricing with the seasonal trend, I would anticipate that unit sales numbers may not reach 2017 levels.”

• The July median price at $389,000 up 2% from June and up 10% from a year ago.
• July unit sales at 555 are down 7% from June and down 17% compared to July 2017.
• July new listings are down 13% at 690 compared to June and up 4% from one year ago.
• The Reno market is a seller’s market, at 2 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 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