Reno/Sparks Real Estate Stats for October 2013

market statsThe Reno/Sparks Association of Realtors came out with the October 2013 market stats.

The full report can be viewed by clicking on the picture to the right. A brief overview with commentary is below.

  • The median sales price was down 3.8% to $215,000 from the previous month. Though it’s still up 19.4% from October 2012. This decrease is pretty typical of the season and the up and down market we’ve seen for the past few months.
  • Units sold was up 4.5% to 532 compared to September and down 1.1% compared to October 2012. Expect these numbers to fall as we enter the snowy months.
  • New listings were up 6.4% compared to September and up 33.4% compared to October 2012. 77% of these were regular sales which is one reason why the sale to list price ratio fell below 100% for the second month at 99.7%. Sellers are starting to reduce prices as they see that the white hot market of months ago is fading.
  • Average price per sqft. of sales continues to increase and rested at $131 per sqft. Similar to late 2008 numbers.
  • Months supply of inventory fell to 3.8 months or what would be considered a strong sellers market.  Anything about $500,000 is in a buyer’s market which can be seen from the long days on market and increased price reductions.

Overall, expect the median sales price to dip a little in the winter with a little bump post holidays.

For more information on buying or selling in Reno and Sparks call me at (775) 393-9601 or Ricky@RickyBeach.com

 

Ricky Beach

Broker/Salesman


Keller Williams Group One Inc.

10539 Professional Circle., #100

Reno, NV 89521

 

Office: (775) 393-9601
Cell: (775) 750-1437
Email: Ricky@RickyBeach.com
Website:www.RickyBeach.com

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Posted in For Buyers, For Sellers, Market Update and tagged , , , , .

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