Thanks to the Reno/Sparks Association of Realtors for the updated stats.
You can view the full report in the video below….
Here’s an overview with commentary….
- The median price rose 4% to $292,000. Up 12% from last November and 4% from October. A quick turnaround after 3 months of depreciation. I think December will go down a little then we’ll start inching up in the spring.
- The number of sales dropped sharply to 419. Down 22% from October and 12% from last November. Pretty typical of the time of year but a little more of a drop because sellers and buyers are having a tough time finding middle ground on pricing.
- New listing were down 29% from October and up 25 from November of last year. Again, pretty normal of the time of year.
- The months supply of inventory or the amount of time to close every house on the market without any new ones popping up is at 3.8 months. A typical market is 5-7 months so inventory wise it’s still a seller’s market.
Overall, sellers will need to start reducing price to get offers even with the short inventory. Buyers have become more patient and are willing to wait.
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