Reno Sparks Real Estate Market Update July August 2018 | Reno Homes for Sale

Reno Sparks Real Estate Market Update July August 2018 | Reno Homes for Sale

Hi everybody! I’m Phillip Goodman from Druesedow Real Estate Group and Keller Williams Group One, Inc
in Reno, Nevada. Today we’re going to take a look at what is happening in the Reno- Sparks real estate market through July of 2018. For that let’s go inside Market
Insights from the Reno-Sparks Association of Realtors. We’re only
looking at single-family homes, not condos. It’s a small percentage of the
market and not a real indicator of what’s happening around town. We’re also
looking at Reno and Sparks and that does include some of the outlying areas: Cold
Spring, Spanish Springs, and the northern valleys. The data here in this column is
actually August numbers because we are a few days into August. We do have some
closings already posted and so that is generating data. The median home price is
up 12% over last August but there’s still plenty more activity to go. New
listings are down. Again keep in mind there was that massive snowstorm at the
end of 2016 going into 2017 and that really delayed listings getting to the
market. Here’s an interesting stat as well: days to contract. In July, 31 days to
contract. That means a property once it hits the Multiple Listing Service was
already in contract within about a month 12 days faster than what it was last
year and a month’s supply of inventory this means at the rate properties hit
the market and go to contract if no new properties came on the market we would
sell out of everything in 2.3 months. The units sold by month is an absolute
roller coaster. Peak buying and selling times are in the summer and they dip
every winter. This is a new feature that has just been added to the Market
Insights. It is active inventory by price range. So properties that are between
three and four hundred thousand dollars there are currently two hundred and
sixty two units available. Between four and five hundred thousand
two hundred twenty two units available. And as you get into the higher priced
properties there are fewer of those available.
Another telling sign about the strength of the market is the percent of asked
received. When a seller publishes an asking price for their listing they’re
getting nearly 100 percent of that and that has been consistent since last year.
To get a better to look at specific neighborhoods, check out our website Simply scroll down and right in the middle of the page
you’ve got city guide and specific market reports. When you look
particularly at Reno you’ll see the average price is well above the median.
There are several distressed homes still in the Reno area, some multi-million
dollar homes, and then you can also break it down by what is the average price
based on the number of bedrooms per home. That’s your Reno-Sparks market watch
update for July 2018 and a little bit of August 2018. If you want info about
specific neighborhoods or more in-depth look at any of the numbers you saw here
you can message me [email protected] com. Please give this video a thumbs up
and share it on your social media as well. For the Druesedow Real Estate group
and Keller Williams Group One Inc in Reno Nevada I’m Phillip Goodman. I’ll see you next time.

One thought on “Reno Sparks Real Estate Market Update July August 2018 | Reno Homes for Sale

  1. Do these statistics include resale and new homes ?? I know there are a lot of new homes being built in the Reno/Sparks area. How is that going to affect home prices in the near future ??

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