“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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