The Reno/Sparks Association of Realtors sent out the August statistics a few weeks ago. You can view the whole report by clicking the picture to the right.
Below is a brief overview with comments….
- The median sales price rose to $220,000 after a short fall in July. I expect to see the median move up and down a couple thousand every month as it seems we’re starting to top off the crazy price increases of the past year.
- The number of units sold hit 608 and is the highest amount of sales in the past year.
- Average days on market was at 94. Remember, these days on market include the 30-45 days of escrow. For regular sales it was 66 days and 73 days for REO/Bank Owned. Short sales are still taking forever as they sit at 201 days.
- There were 712 new listings with over 80% being regular sales.
- The month’s supply of inventory stayed low at 3.4 months. That number includes pending sales so the effective month’s supply is around 45 days.
The stats show that we’re still in a strong seller’s market but I’ve been seeing price reductions on many homes as sellers have been out listing each other, price wise, and it finally hit a peak. Look for a continued up and down market within a few percentage points for the foreseeable future. Especially, if SB321 takes over for AB284 and continues to kill the REO/Short Sale market.
For more information on buying or selling in Reno and Sparks contact Broker Ricky Beach at (775) 750-1437 or Ricky@Resnv.com
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