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