May 2024 Newsletter Reno & Sparks Local Market Stats

Even though the weather seems to be indecisive, the real estate market is in full the Spring swing. Going over April’s stats gives me some real hope we are finally headed toward a more balanced market. 

I want to focus on Months Supply Of Inventory stat this month. We ended the month of April with 1.5 months supply of inventory. This means that if we had no new listings, it would take us one and half months to sell all the homes on the market. We have been hovering between 1.2 and 2.3 for the last 4+ years. To give you some perspective, a “balanced” market is a market with between 4 and 6 months of inventory. We have technically been in a seller’s market since covid. 

As a nation, we are sitting at 3.5 months of inventory. Locally we’re behind by 2 full months. I have a feeling we’ll follow the rest of the country soon and be closer to that balanced market by the end of the year. Home owners that have been “locked” into their sub-4% interest rates for the last 4 years are starting to bite the bullet and making a move. That combined with interest rates pushing a lot of first time home buyers out of the equation, we should start to see the available inventory grow.

If you’re a buyer, you’ll hopefully enjoy a boost in the number of homes to look at. If you’re thinking of selling this year, you might think about getting your home show-ready to hit the tail end of the spring season while inventory is still low.

Of course, I have no idea what’s going to happen over the next few months and this is an educated guess more than anything. But it would surprise me if we didn’t follow what we are seeing nationwide. 

A quick dive into the other stats shows our Median Sales Price (single family homes in Reno and Sparks) has dropped from March by 1.7% but up Y-O-Y by a healthy 4.6% (right where I want to be). We had almost 500 new listings come on the market and on average it took 11 days to get those homes into contract (I expect both of those numbers to grow this summer). Those homes generally got 99% of their asking price, which tells me that sellers are coming down to earth on what they think the value of their home is! 

All-in-all, a pretty good month and I feel like we are headed in the right direction. If you have any questions or comments, please reach out to one of us! We’d love to chat about your situation and real estate goals!