As of this morning there are 952 active listings for single family homes in the Reno-Sparks market according to Northern Nevada Regional MLS. At the end of April 2018 there were only 651 active listings (per Reno Sparks Association of Realtors report). So right now we have about 46.2% more active listings. Let’s look at what price points the inventory is in.
- $0 – $300,000 – 59 active listings
- $300,001 – $600,000 – 597 (This represent 62.7% of active listings)
- $600,001 – $900,000 – 152
- $900,001 – $1.5m – 81
- $1.5m & Up – 62
WHAT DOES THIS MEAN FOR BUYERS – Buyers have more to choose from this Spring than last Spring. The median price of these active listing is at $485,000. (The median price of homes sold last April was $475,000.) So prices are holding steady and there is more choice for buyers. Practically speaking in most price ranges if a home comes onto the market and it’s priced right and in good condition it’s most likely going to go into contract quickly. So, buyers should be working with a skilled buyer’s agent to get out there and look as new listings come onto the market.
WHAT DOES THIS MEAN FOR SELLERS – Despite the increase in available inventory, the market data still reflects a seller’s market. Sellers still need to be focused on price and making sure they come onto the market priced “right.” If a property lists and then sits with no showings the market is speaking and an adjustment may be needed. React quickly as not to become stale or to chase the market. Sales of homes peaks in June so the April/May listing window is prime selling season. After June sales trend downward into the Fall months.