Reno buyers have been facing issues with affordability and inventory for months now. The November 2017 Reno Sparks Market Report shows that this continues to ring true today. Even new and active listings took a hit last month after a bustling October. Learn what's happening in the Reno market right now by reading on below.
November 2017 Reno Sparks Market Report
Reno-Sparks Home Sales - November 2017
Total sales dropped off slightly. According to the Reno-Sparks Association of REALTORS@, 519 homes were sold in the Reno-Sparks area in November 2017. This marked a 3.4% decrease from the same time last year. And, it was 6% less than the 552 sold in October 2017.
Reno-Sparks Inventory - November 2017
New listings decreased dramatically. Last November, the Reno-Sparks market showed 438 active listings. Last month, they only showed 372, a drop of 15.1%. It also dropped an astonishing 32.4% from October 2017's 550. This doesn't help our inventory situation any.
Active inventory nosedived 43% from November 2016's 1373 units to just 783 last month. That translated to just 1.5 months of inventory available in the Reno-Sparks area, 41% less than the 2.6 months available in November 2016.
Reno-Sparks Median Sale Price - November 2017
Prices continue their steady climb upwards. The median sale price for a home sold in the Reno-Sparks area rose 14.5%. It increased from $310,000 last year to $355,000 in November 2017. This surpassed October's previous area high of $345,500 by 2.7%. The price-per-square-foot rose from $179.50 in November 2016 to $200.20 in November 2017, an increase of 11.5%.
The West Suburban, Metro Southwest, and Suburban Southwest areas of Reno continue to show the highest median sale prices at $470,000, just under $490,000 and around $775,000, respectively. The lowest prices can be found in Sparks ($273,000) and the North Valleys area ($269,000).
What Reno-Sparks Buyers Need to Know
Experts believe we won't see inventory levels start to come up until 2019. Affordability continues to be a major factor. With just 94 single-family units currently for sale under $300,000, competition is fierce. Have your pre-approval letter in hand when you start looking for a Reno-Sparks home. That way, you'll be ready to submit an offer when you find the home you want.
Originally posted on my Reno real estate blog here: https://www.relocationtoreno.com/2017/12/11/november-2017-reno-sparks-market-report/.