Active vs. Sold Report - Reno/Sparks - March 2022
The high demand for homes continues to be a contributing factor to record median prices and fast market times in our area. Here’s the latest information on the Reno/Sparks real estate market, from the experts at Dickson Realty.
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There were 310 homes active on the market and available for purchase (not in contract or escrow) at the end of March. This is a 36% increase from last month and a 66% increase from this time last year. We are starting to see more listings come to market as we head into Spring. Home buyer demand is still largely responsible for most new listings going into contract quickly. That strong demand combined with low standing inventory causes prices to rise.
Reno/Sparks area REALTORS sold 495 single family homes in March, which was a 32% increase from February and a 4.2% increase from March 2021. This is further evidence of the strong demand in our region, as the increases in inventory are quickly absorbed by the buyers in the market.
The median sales price for single-family homes in Reno/Sparks increased by almost 3%, or $16,000 in the last month, coming in at $575,000 for March. That is a new record for monthly median price in our region. Year-over-year, median price has increased by 20%. Additionally, sellers received 101.6% of asking price on average for homes sold in the month of March 2022.
Average Days on Market for March decreased by 15% over the last month to 57 days. Days on market also decreased by just over 16% compared to this time last year. Another marker of a fast market is Days to Contract; here we see an average of 5 days from initial listing until a home goes into contract. In this very fast paced market, it is more important than ever to be pre-qualified with a lender before looking at homes to buy, and to have an expert REALTOR assist you with navigating the negotiations when making a home purchase.
Dickson Realty agents can present you with selling options that allow you to tap into the home equity you may currently have to write more competitive offers on a new home while remaining in your current home throughout the buying process. Reach out to learn more about the Dickson Offer Optimizer.
If you have any questions about this report, or would like to speak with a lender about getting pre-qualified, please feel free to call or text. It would be a pleasure to assist you.
