Demand for homes continues to be a contributing factor to record median prices and fast market times in our area. But, we are beginning to see some normalization in the numbers. Here’s the latest information on the Reno/Sparks real estate market, from the experts at Dickson Realty.
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There were 749 homes active on the market and available for purchase (not in contract or escrow) at the end of May - a 46% increase from last month and a 180% increase in active/standing inventory from this time last year. More listings are coming to market as the summer selling season comes into full swing, and it is welcomed relief for home buyers in our region.
Reno/Sparks area REALTORS sold 519 single family homes in May, which was a about a 5% increase from April, but a 5% decrease from the exceptional number of sales in May 2021. These sales numbers are still very high compared to the amount of homes on the market and is further evidence of continued demand in our region.
The median sales price for single-family homes in Reno/Sparks increased by over 3%, or $20,000 in the last month, coming in at just under $615,000 for May. That is another new record for monthly median price in our region and the first time we crossed the $600,000 milestone. Year-over-year, median price has increased by 23%. Additionally, sellers received 100.9% of asking price on average for homes sold in the month of May 2022. A recent cooling in the market and more price reductions on standing inventory should help slow the pace of price increases in the near term.
Average Days on Market for May decreased by 5% over the last month to 59 days. Despite the month-over-month decrease, Days on Market is up by 7.3% compared to this time last year. Another marker of a fast market is Days to Contract; here we see an average of 7 days from initial listing until a home goes into contract. Again here, we anticipate getting back to more normalized market conditions in the near term and with that these numbers will increase.
With mortgage rates on the rise lately, 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.
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.
