The full stats can be viewed here... RSAR Market Report with a summary of the main points below.
- The median sales price stayed at $250,000 for the third straight month. Comparable to August of 2008. We've been expecting this after the crazy wave of price increases in the previous year.
- Average price per sqft. is $143. A slight drop from the previous month.
- Number of homes sold went up to 565. The highest mark since in a year. Typical of this time of year.
- Average days on market for sold properties was 83 days. That's a little over a month of marketing time before an accepted offer.
- New listings dropped to 650. 89% of them were regular sales. The days of short sale and foreclosure mania is over.
- The months supply of inventory dropped down to 3.8 months. Don't let that stat fool you. With the average sold price to list price ratio of 98% many sellers are having to reduce their prices in order to get an offer.
If you have questions about buying or selling contact me at (775) 393-9601 or Ricky@RickyBeach.com.
For more information on the affordability index in Reno and Sparks watch the video below.