A Year to Watch
2022 is going to be an exciting year to watch real estate in Reno.
A Hot Start
With all the snow we welcomed with open arms, it’s no surprise to me that we saw a huge drop in new listings. Sellers don’t want people trudging all that snow and mud through their homes. Because of this, I think we’ll see quite a few new listings come on the market with this beautiful weather we are having now.
Buyers were still fairly active even though the listed inventory tended to not be the greatest which brought our days to contract back down to almost 2 weeks. The December snowfall was not the only record we broke last month as our median sales price broke the ceiling coming in at $545,000! I was thinking we were going to see that drop off a bit last month, but this just tells me that we are still very much in a seller’s market with demand remaining very strong.
We absolutely need to see more listings in the first quarter in our area. Rates are on the rise and will continue to do so over the next 6 months. This is pushing buyers to jump off that metaphorical fence and pull the trigger before their buying power gets swallowed by rates back in the 5% range.
I’m looking forward to reaching out to all of you over the next couple months and seeing if you need any questions answered or maybe just grab a beer; however, if you need anything from me, please feel free to reach out!
Let’s get it, 2022!!!