Conclusions for the 2018 March Market Update
“The lack of inventory continues to drive sales price up. First quarter new listings were up 1% compared to the same period 2017,” said Doug McIntyre, 2018 RSAR President. “While this is not keeping up with demand, it’s a positive early indicator as we approach the spring selling season.”
• The March median price at $375,000 is up 2% from February and up 18% from a year ago.
• March unit sales at 528 are up 19% from February and down 6% compared to March 2017.
• March new listings are down 3% at 551 compared to February and down 20% from one year ago.
• The Reno market is a seller’s market, at 1.1 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.
• The March median sales price at $375,000 reached a new record high for the Reno/Sparks area since the boom and bust twelve years ago.
• Affordability continues to be a concern, but a strong job market, good wage growth and low interest rates seem to be offsetting factors to affordability and the rising median price.
• Unit sales were up 17% from the prior month, and are up 5% compared to the first quarter of 2017.
• New listings in March were down 3% and down 20% compared to March 2017. As we approach the spring selling season, sellers are seeing this as a good time to sell. First quarter new listings are up 1% compared to the same period 2017.
• The average days to contract were 42 in March down 20% compared to March 2017.
• Properties are remaining on the market an average of 83 days down 17% from March 2017.
• Sellers are receiving an average of 98.9% of list price up less than 1% from March 2017.