May Market Update

As we leap towards June we have seen good news across the board for both buyers and sellers. We’ve seen an increase in active inventory and new listings which translates to an increase of possibility or buyers and more time for sellers. This increase in inventory is welcomed and expected as we’re heading into the busiest season for this industry.

Let's do the numbers, starting with the average home price. Month over month, average home price has rose 2% from $485,000 to $494,500. This increase is good news or buyers and sellers -hear me out. While we are still seeing pricing increase, we’re not seeing it on the drastic levels of months previous (March was nearly 15%, April nearly 8%) - this is thanks to our influx of new listings and active inventory. This type of appreciation is considered more “typical” (national average being 3.9%), this is a result of our incredibly short inventory finally picking up.

Reno-Sparks is an interesting place - because of our proximity to California, enviable tax structure, the boom in our industry with companies setting up shop here like Amazon, Tesla, Switch and others - it has become more and more popular, both as a place to visit and a place to live. This increase in traffic to our area, even prior to 2020, has kept a strain on our inventory and has kept prices in the area rising steadily for a while.

 If we take a look at our inventory, active inventory (aka what’s currently available on the market) has rose 13% month over month, and the number of new listings is on the rise being 5.1% above where we were last month. This is pretty typical for our market as we move into summer - new listings tend to rise in spring and summer - the kids are out of school for the year, the weather is better so you’re not fighting the elements to move, and most properties tend to show best when everything is in bloom.  

Since our inventory is finally on the rise we are seeing days to contract also rise! We’re still sitting just above 2 weeks on market, so if you’re thinking of buying and find a home you like be sure you tour it ASAP, and if you’re thinking of selling, pack BEFORE you list.

My goal as your Realtor is to empower you to make the most educated decisions. Whether you are looking for your dream home, or looking to sell your current property, knowing the market conditions will better prepare you for the journey ahead. Have questions about whether it might be the right time to sell or buy? Let's chat!