The data is in from the Reno-Sparks Association of Realtors for the month of February. Let’s take a look at the key data points and what they mean.
Unit sales were up just slightly from January but down 22.5% from February last year. Even with more inventory to choose from there continued to be fewer sales. Weather may have played a role as we saw significant storms and difficult travel over the mountain passes from California.
Median price was relatively unchanged over the same time last year. With more inventory we are seeing a bit of a leveling of prices. This is good news for buyers and a bit of a cautionary data point for sellers.
New listings dipped in the month of February. This is a bit off course historically as we typically see new listings start their Spring time climb in February. Again the bad weather may have played a role in getting sellers on the market. Will definitely want to watch this in March.
Active inventory declined slightly from January, but is still up 35.5% over the number of active listing in February 2018.
Months supply of inventory dipped from January as well. This indicator is usually looked at to gauge whether we are in a seller’s market (under 6 months) or a buyer’s market (over 6 months). While still signaling a sellers market that fact that months supply is up 80% over the same time last year shows buyers may have more opportunities to purchase.
Want to know what the market is doing in your neighborhood or a neighborhood you are considering purchasing in? The Shocket Team can pull this data by area and we are happy to provide you with more information. Reno-SparksRealEstate.com