The August statistics have been released from the Reno/Sparks Association of Realtors.
The full report can be viewed here.
Main points are below with my commentary in italics…
- The median sales price dropped from $389,000 in July to $373,000 in August but is still up 6% from last year. Usually we see a small variation from July to August (< $2,500) with a bigger drop in September so this is a pretty major drop compared to the previous 3-4 years.
- Sales are down 4% from July and down 23% from August 2017. Overall, sales are down 8% when comparing total sales to this point in 2017. Inventory has been low for years which leads to a lack of sales but there’s also a feeling that the market is slowing down (more below).
- New listings rose 10 % from July.
- Months supply of inventory hit a 16 month high at 2.4 months. Months supply of inventory is the time it would take to sell all the available houses and deplete the market.
- The amount of days it takes to get a home in contract rose to 42 days on average. Another indicator of a slowing market.
Overall, I believe the market will move slowly through the fall and winter months with maybe a little rebound in late September. We’re seeing numerous homes receiving price reductions prior to selling which extends the market time (noted in the last bullet point). We’re not in dire straits for listings like in the previous months and years but it seems to be a seller’s market that requires some patience on the sellers part. Or at least a good sense of reality when setting the list price.
For questions on the Reno/Sparks real estate market I can be contacted at (775) 750-1437 or Ricky@RickyBeach.com