The weather is getting warmer, and you won’t believe this, but so is our market.
Sales price went up just a little bit more for the median sales price in the Reno-Sparks area. We were at 415,000, now 416,500. You can see in April of last year, the average price was $377k. So, if you were fortunate enough to be able to buy a home last year, look at how much equity you’ve already received in that year!
Average days to contract
This is when we get the signed paperwork. After I put the sign in the yard, you are on the MLS, all the way until you get an offer. It’s only taking about 39 days, whereas last year, it took about 45 days. This means that there are people out there buying, and looking.
Average days to contract vary by price range; the half a million-dollar home takes an average 38 days to get an accepted offer. I’d say two and a half months from the time you put the house on the market until you’re moving back out. As we get higher, that $1.5 million home, 750 to a million and a half are almost within that six-month timeframe.
When March came and we were told that we had to stay home, we were all getting a little worried about the future of the economy, but look at the jump, we had about 11 more homes come on the market. So, yes, there are still people that want to sell their homes with all the stuff that’s going on. You can see a little uptick as far as months of inventory across the United States.
Reno
Looking just at Reno, the prices have gone up a little bit more, just 2%, but 2% to 439,000 for a median price. The number of homes that were sold went down by about 30% last month. The inventory though only went down almost 6%. So, in all actuality, the number of homes that were sold were lower, but I think we’re going to compensate for that as people are getting out, and especially now that a lot of the isolation has been lifted.
Sparks
Over in Sparks, the price went down just a hair, so the median price there is $386,000. The number went down just a little bit and the inventory just went up just 3% as far as homes that came on the market.
Fernley
Fernley has gone down just 2% as far as their purchase price. You can get brand new homes at this price if you can believe that. Brand new homes, no one’s lived in. The number of units or homes sold went down quite a bit by 25%, and the inventory has gone down just a bit as well.
Carson City
Headed down over to our capital, in Carson City, median sales price went down to 12%, to 331, a nice neighborhood. But look at the active inventory, it went down 2%, but there are only 87 homes in Carson City that are available to purchase.
How we are dealing with COVID-19
Now as real estate agents we are getting creative so that we can show you homes. If you would like to go and look at a couple of homes but aren’t quite comfortable with that, we can schedule a Zoom call and tour the home that way (or even a group of homes). And as a trusted provider I will strive to tell you of any problems that I encounter at the house and not just point out all the good things of the home. Or we can look at those houses together with masks and you can make a decision of which one you want to purchase that way.
To summarize all of this, now is the time, if you’re able and you are working, to look into buying a home. The market remains strong and is building equity for those who have purchased their homes in the area. We are here to guide you through the process and find ways to serve you and keep you safe. Contact us today for more information or questions.