Thursday, June 1, 2023 / by Beau Paulsen
Today, I'm excited to share with you the latest real estate market update for the Reno, Sparks, and Carson City areas. Our local housing market has been on an impressive upward trajectory, and I can't wait to delve into the key findings and trends that have emerged over the past month.
1. Median Sales Price
First and foremost, let's talk about the median sales price for homes in our region. It's an impressive $549,950, and what's even more exciting is that this marks the fourth consecutive month of growth. This consistent pattern indicates a robust and thriving market. Furthermore, compared to last month, there has been a 2.8% increase, which is a clear sign of sustained demand.
2. Home Sales
The number of homes sold in the previous month has seen remarkable growth. We recorded 450 home sales, representing a substantial increase of 7.7% from the month before. This surge in sales activity signifies continued interest and engagement in our local real estate market.
3. Active Homes on the Market
Currently, there are 730 active homes available for sale in our region. This number has increased by 3.1% compared to the previous month, indicating a slight expansion in inventory. However, it's crucial to note that demand continues to outpace supply in our area. So, while the market is healthy, the competition remains fierce.
4. Average Time to Contract
Buyers seem to be taking a little more time in their decision-making process, as the average time it takes for homes to go under contract has increased by 36% to 15 days over the past month. This shift suggests a potentially more thoughtful approach, as buyers carefully assess their options.
5. Average Price per Square Foot
The average price per square foot currently stands at $295, remaining relatively stable month over month. However, it's worth noting that there has been an 11% decline compared to the same time last year. This reflects a gradual adjustment in pricing over the past year, indicating a more balanced market.
In conclusion, the real estate market in the Reno, Sparks, and Carson City areas continues to exhibit positive trends and growth patterns. The median sales price has been consistently climbing, and the number of homes sold has shown significant growth. While the average price per square foot has remained stable month over month, the year-over-year decline indicates a more balanced pricing landscape.
As your local real estate expert, I'm here to assist you with any questions you may have or provide more detailed information about specific neighborhoods or properties. If you're considering buying or selling a home in our region, now is an opportune time to navigate this thriving market.
Thank you for your time, and I promise to keep you updated on any further developments in our local real estate market. Should you need any assistance or have inquiries, please don't hesitate to reach out. I'm here to help you make informed decisions and achieve your real estate goals.