HOLY SHIFT, GUYS!
The market is changing and it’s changing quickly. Let’s jump right into the stats that we need to watch this month.
DAYS TO CONTRACT
This is the one that I can feel the most. It was just a couple weeks ago that buyers only had a weekend to view a property before it went into contract. Properties are starting to linger a little longer on the market. Buyers that have been shopping for the last couple months are going to need to know this and now have the opportunity to think a little longer about their decision. I am in full support of this. While it feels a little slower, we are still running at a pretty good pace. I doubt this is a sign the bottom is falling out of this thing.
I don’t wanna say I told you so… but I called it last month.
We had 634 homes listed this month in Reno/Sparks. While not as many as we had last year, but more than we had last month! This is a good sign. We need more listings to come on the market for balance. It’s great to see prices increase the way they are, but I’m more excited about a strong balanced market coming in the next couple months. I do believe we will start to see more listings over the next few weeks. I know a lot of sellers are finishing up some projects and getting their homes ready to get on the market.
We sold a ton of homes last month! 633 to be exact. This is a positive for me. It tells me buyer confidence is still high. I’m excited to see what the market will do over the next month or two with buyer confidence this high and more listings coming on!
It would be irresponsible of me not to point out that our median sold price has reached FIVE HUNDRED AND THIRTY THOUSAND DOLLARS! That is crazy! I don’t know how much higher it can go. Hopefully we do end up getting this listing influx so this settles down a little. Great news for sellers, nerve wracking news for buyers.
July – Stats from June
- Median price is not topped out yet. We still have a lot of inventory coming on the market that is well over that $500k mark. I believe it will still rise, just not as fast as we are going now.
- Days to contract will start to lengthen. With this being the summer after covid, families are taking more and more trips out of town. Homes will sit on the market a little longer than that 14 days we have now.
- Listing agents will start to price properties a little more accordingly and the “percent over ask” will drop slightly.