The September 2017 Reno-Sparks Market Report showed a significant drop in sales and median sale price from August. Year-over-year prices, on the other hand, went up. We firmly remain in a seller's market.
September 2017 Reno-Sparks Market Report
Reno-Sparks Home Sales - September 2017
The Reno Sparks Association of REALTORS@ reported a total of 587 homes were sold in the Reno-Sparks area in September 2017. That marked a 7.3% decrease from the same time last year. It also showed an 18.2% drop off from August's 718.
Reno-Sparks Inventory - September 2017
New Reno-Sparks listings dropped dramatically. In September 2016, they showed 713 new listings on the market. They peaked at 839 in June. But they 22.9% to 550 last month. Inventory tightened up as well. The September 2017 Reno-Sparks Market Report showed 1820 units for sale, a 24.9% decrease from the previous year's 2422. In September 2016, reported inventory levels were at 2.6 months. That fell to 1.7 months available in September 2017. This helps keep Reno-Sparks real estate well within the seller's market category.
Reno-Sparks Median Sale Price - September 2017
The median sale price for a Reno-Sparks home sold in September 2017 was $335,000. Even though this is a slight drop from August's $347,854, it marked an 8.1% increase from last September's $310,000 median. The price-per-square-foot experienced a double-digit increase in the past year. It went from $177.89 in September 2016 to $199.93 in September 2017.
The highly desirable Suburban Southwest Reno remains a hot market. Their median price ($780,000+) continues to be the highest median in the entire Reno-Sparks market. It's followed by the Metro Southwest (around $460,000) and then the Western Suburban area ($440,000). Old Southeast (around $273,000), the North Valleys area ($270,000+) and Sparks ($260,000) continue to report the lowest median prices in the area.
Even though prices remain higher than last year, they've been on the decline for the past two months. With winter coming, you may find fewer buyers out there. With less traffic to their door, sellers may be willing to negotiate with you when you present a strong offer. Talk with your Reno REALTOR@ to set up a home search strategy today.