November Market Update

As we head into the tail end of fall, we're seeing market conditions stay hot. The median sales price rose 3.4% month over month, inventory is still short for the buyer demand and interest rates are still hovering around all time lows.  

For buyers - make sure you’ve got your financing strategy squared away BEFORE shopping, there is no time to waste in this market.

For sellers - have a pre-listing inspection done to know all of the buyer’s concerns before you even hit the market. Start packing before you list to ensure photos look as best as possible, and you are ready for closing day.

During October, Reno-Sparks had 616 sales of existing single-family homes; an decrease of 11.1 percent month over month, and a 9.4 percent increase year over year. Days to contract decreased by 2.8 percent month over month. The median sales price rose to $455,000; a 3.4 percent increase from last month and 13.8 percent increase from the previous year.

Although external factors have been… well, chaotic, we’re seeing our market continue to hold steady. In Reno-Sparks, we look at regional specific factors like our never ending supply of California buyers, and national factors like low interest rates that cause our Biggest Little City to be a hot-spot for buyers. On top of that, Reno has been named the best small city in the US. With more and more people working from home, more people have the option to live where they want - and our home city is calling.

Whether you’re thinking of buying or selling, it’s always a good time to do so if you’re educated, prepared and have a good team on your side. I’m happy to answer any questions and do an evaluation of your situation.