Reno/Sparks Market Report
This report will help you stay informed about your buying and selling decisions by breaking down the numbers and finding the trends.
Click here for a printable version of these charts
In a region where people can enjoy snow skiing in July, you can expect things to be a bit out of the ordinary. Taking a longer view of the market, we observed a unique trend. In November of 2022, a time when active listings typically decrease towards year-end, they were twice as high as they were in March, the beginning of the Spring/Summer sales season. While there was an increase in active listings from February through July, it wasn't as robust as usual. Some sellers chose to stay put, partly due to weather, while others faced challenges finding their next home amidst limited inventory and rising interest rates.
The scarcity of homes on the market is impacting overall sales figures. During this season, our region typically sees over 600 homes sold. However, the highest number of homes sold this year was in June, reaching 444.
This year has been marked by intriguing contradictions. Inventory is on the rise, albeit later in the season, while sales are lower compared to both the previous year and the pre-COVID era. Nonetheless, median sale prices remain elevated, and homes continue to spend fewer days on the market, with most sales closing within just 75 days over the past two months.
They say a picture is worth a thousand words, and the charts below vividly illustrate this narrative. The industry defines a "balanced" market as having a six-month supply of inventory, indicating a healthy equilibrium between supply and demand. Regrettably, we're currently below this benchmark across all price ranges, except for homes priced above $1,500,000. We anticipate a shift in this pattern next month.
Click here for a printable version of these charts
As the new school year commences, some prospective buyers may temporarily halt their home search, leading to an increase in inventory. This could provide buyers with more options while they contend with higher interest rates. Notably, buyers are now approaching pricing, terms, and repairs with meticulous consideration. Encouraging news has emerged from the Northern Nevada Network's Economic and Political Update, published on August 10th, 2023:
"The latest consumer-price report reinforces the belief that U.S. inflation is on a downward trajectory without triggering a recession or significant rise in unemployment. This boosts the likelihood that the Federal Reserve will maintain the status quo in September." (Northern Nevada Network, Economic and Political Update, published on August 10th, 2023) We hold onto the hope that this scenario unfolds, especially as housing affordability remains a pressing concern nationwide.
In alignment with our brand's values and messaging for real estate agents, this revised version maintains a conversational, friendly, and confident tone. It emphasizes connections, the sense of community, and the resilience of the market, all while reflecting the core principles of your brand.
If you have any questions about this report, real estate in our region, or the value of your home, don't hesitate to reach out. It would be a pleasure to assist you.
