The Reno/Sparks Association of Realtors® released the March 2013 market stats today.
The full report can be viewed by clicking the picture to the right. Below is a summary of the major points and some insight.
- Average days on market for short sales is 210 days. 7 months seems about right when you take into account that banks are slower to approve the sales and buyers may be backing out more often.
- There were 558 new listings which is up 17.5% compared to February but down from March 2012. Potentially, good news for buyers. Most of these are regular sales (see below).
- The median sales price rose again to $195,000. Up 2.6% from February and up 30.1% from March 2012. If you’ve been looking for houses lately you know this is caused by multiple offers that go for more than list price.
- Average price per sqft. is at $114 which is similar to March of 2009.
- 480 sold properties is up from the previous months but the lack of inventory is still holding it down.
- Nearly 68% of all new listings were regular sales due to the increase in home values over the past year. Sellers are realizing they can get out of their homes without doing a short sale. Distressed (short sale and REO) listings went down to 30%. Buyers now have a greater chance of getting into a home within 45 days of putting in an offer.
- The infamous months supply of inventory… Down again to 3.4 months if you include pending sales. Without pending sales the amount of inventory available would last less than one month.
In short, prices up and inventory down make for a strong seller’s market.
For more information on buying or selling a home in Reno and Sparks contact Broker Ricky Beach at (775) 750-1437 or Ricky@Resnv.com.