We hope you appreciate this Market Update and will contact us with any questions you have.
Be sure to click on the "MARKET MONITOR"below to see current market statistics for Reno. For more specific information unique to your home address, click on"REAL TIME Personalized Market Snapshot" below.
Market Summary: This month, we want to provide some insight offered by Elliot Eisenberg, Economist and author of BlogEcon70:
Elliot is expecting a deep but short recession for this year. He is showing Q1 (quarter 1) with mildly negative GDP, Q2 with a "horrendous" drop in GDP, Q3 mildly negative GDP, and Q4 showing strong recovery. Relating this to the housing market, he sees a decline in volume in the short term, due to social distancing, etc. However, he sees prices holding because the recession will be short and recovery will start soon (Q4). He feels buyers at the entry level will be more cautious due to job security concerns. Buyers at the upper level may be "skittish" due to the stock market. Much of this hinges on recovery $ getting into the hands of consumers and businesses.
Median Sold Price
The March median sales price for single family homes was $415,000, up nearly 6% from February and up 12.5% from a year ago. (These figures include Reno/Sparks and surrounding Washoe County, excluding Incline Village.)Average sold price per square footwas $229, up 2% from February and up 6.9% compared to the previous year.
Number of New Listings New listings were up 19.4% in March to 627 compared to February, and up 1.3% compared to one year ago.
Number of Closed Sales Unit sales for March 2020 (at 502) were up 10% from February and up nearly 10% compared to the previous year.
Active Inventory Inventory for March 2020 (at 765) was up 8.5% compared to February and down 24.5% compared to one year ago.
Month's Supply of Inventory* Overall, month’s supply of inventory for Single Family Homes (at 1.5) remains a Seller’s Market. Properties priced below $500,000 are 1.1 MSI. Properties priced $500,00 to $750,000 are at 1.6 MSI. Properties priced above $750,000 are in a Balanced Market at 6.2 MSI. Condos/Town Homes are also a Seller’s Market remaining at 1.6 MSI*, down from 1.9 one year ago.
*Month’s Supply of Inventory is the time it would take to exhaust the active and pending inventory at the current rate of sales. The National Association of Realtors describes a balanced market as between 5 and 7 month’s supply of inventory (MSI).
Days on Market Average days on market for Single Family Residences in March 2020 was 38, down from 53 one year ago. Average days on market for Condos/Town Homes at 40, down from 55 one year ago.
Selling Price Sellers received an average of 99.1% of list price for Single Family Residences in March 2020, slightly down compared to one year ago. Sellers received an average of 99% of list price for Condos/Town Homes in March 2020, compared to 98% one year ago.
Statistics shown below are for Reno as of 3/10/2020.
To see today's statistics, click the "Market Monitor."
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