September 2018 Full Market Report by Reno Sparks Association of Realtors
by Jenna Heisser
on Thursday, October 11th, 2018 at 1:59pm.
“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. Conclusions
During the month of September, there were 630 new listings compared to 809 in August, down 22.1%. Even with the decline in month-over-month new listing inventory, year-to date new listings are up 2% compared to 2017.
Active inventory at 1,377 has been increasing after a low of 646 in January 2018. Increasing inventory is a good sign of a healthy market and it is taking the pressure off pricing.
September’s active inventory at 1,377 is still 67% below the active inventory high water mark of 4,148 reached in August 2006.
Months Supply of Inventory at 3.1 is at a four-year high, but remains a seller’s market.
Days to contract for September are at 42, down 12% from September 2017.
Properties are remaining on the market an average of 77 days down 7% from September 2017.
Sellers are receiving an average of 98.6% of list price down less than 1% from September 2017
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