Spring Has Sprung

Spring has sprung and so have home prices!

Another Record:

We reached another median sales record for Reno/Sparks last month clocking in at a whopping $575,000! That’s almost a 20% lift from last year at this time! What’s even crazier is that it’s only taking 5 days to put a home into contract once it’s listed. A home taking only 5 days to fall into contract tells me there is still a HUGE demand for housing here. Only having 7 months of inventory tells me we don’t have enough homes to sell! Altogether, the stats from March are pointing to another crazy year for the real estate market here in Northern Nevada.

We had fewer new listings than last March and more active inventory this time around. This leads me to believe we have seen a small dip in buyer activity. That’s to be expected with prices & rates where they are right now. By no means does this mean the “bubble is popping”. If you remember, last year was extraordinarily crazy and we were kind of hoping we didn’t have repeat.

We definitely need to keep our eye on the rate hikes coming down the line. We already saw one from the Fed in the first quarter and interest rates have been steadily climbing ever since. It’s going to be a very interesting year for mortgage lenders. With the competition out there, and appraisers tightening, deals are getting more difficult than ever to get across the finish line. Spring and early summer will continue on this upward trajectory; however, I have to believe we will see a plateau in prices once we reach the ‘dog days of summer’.

If anyone wants to catch an Aces game, let me know! Get out and enjoy this gorgeous weather!

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April Market Update

Spring Has Sprung