May Market Update
Market Conditions are Prime for Selling a Home: Monthly Overview
Reno has seen an increase in the number of homes sold from April to May as well as an increase in the number of listings on the market. The average price of a home has increased since last year, and on average, sellers are retaining 95% of their original asking price. The Reno housing market’s increasing home saturation and sales price trends are creating a competitive selling market. Homeowners are on average selling their home within 72 days. These and other statistics show that market conditions are prime for selling a home. The individual breakdown of each statistic is shown below.
Inventory of Homes:
In the surrounding Reno area, the frequency of new home listings has decreased 30.9% from last year while active listings have increased 6% from last month. At about 762 homes in the market, this market saturation means that potential buyers have more homes to choose from. A saturated market creates flexibility and options for buyers.
Average Sold Price:
The average price of a home is currently $374,000 which is an 11.6% increase from last May. Homeowners are on average making more money off their homes than in previous years. This increase in price will continue to encourage homeowners to sell their property.
More homes are being sold each month. 560 homes were sold in Reno this May. This is a 13.8% increase from last month but a 17.5% decrease from last year.
Average Sale-to-List Ratio:
Homes are being sold near their original listing price. This is great news for homeowners because it assures that the value of their home will stay consistent. On average, homeowners are making 99.3% of their home’s original asking price. This great rate has increased 0.1% from last month and 0.4% from last year.
Average Days-on-Market Before Sale:
Homes are staying on the market an average of 72 days before being sold. Closings are occurring 21.2% faster than last year and 6.4% faster than last month. Homes are being sold more quickly indicating there is a high demand in the market.
Average List Price per Square Foot:
The average price per square foot in Reno is $215 and has increased 15% from last May and 2.4% from April to May. This increase in value indicates that the Reno housing market is becoming more expensive which may cause homeowners to consider selling.