The early sales data for the month of November in the Reno-Sparks single family home market is in.  Here’s some highlights for both buyers and sellers this December.

BUYERS

  • The change in the market is providing an early Christmas present for buyers.  Inventory of available homes for sale is up 43% over this time last year, with the month’s supply of inventory up 80%.  Buyers this is a signal that you should be actively looking this December.
  • There are 1,258 active listings.  As of this morning 219 were priced below the $376,750 median price.
  • With fewer sales (down 18%) and longer days on the market (86 days) sellers who need to sell among greater competition may be more wiling to negotiate with you.
  • With interest rates on the rise in 2019 take advantage of the market NOW.  Interest rates, although creeping up into the 5% range are still historically low.

SELLERS

  • With higher inventory levels (u 43%), longer days to contract (up 20%), longer days on the market (86 days) and lower list to sales price ratios (98.3%) the market is telling you that you will need to make sure you are priced to be the next home in your neighborhood to sell.
  • Despite it being the holiday season you want to keep your house ready to show, price it right and communicate with your agent regularly.  With the number of homes selling down from last year, you want to be sure to be positioned to be next.

The Shocket Team can show you this same market data for your home if you are considering selling.  If you are considering buying a home don’t miss this window of opportunity to shop.  Reno-SparksRealEstate.com