October’s Reno-Sparks Market Report provided by the Reno/Sparks Association of REALTORS® is now available and can be accessed by clicking on the chart below.
Commentary from October’s report:
- “As we approach the end of 2013, we are continuing to see a year-over-year increase in the number of traditional existing home sales versus short sale or bank owned home sales,” said Helen Graham, 2013 president of the Reno/Sparks Association of REALTORS®. “Despite a limited inventory, a government shut-down and increasing interest rates, total unit sales numbers year to date are tracking slightly ahead of 2012. The median sales price has remained stable for the past five months, which may be due to the beginning of the seasonal softening along with increasing interest rates.”
- After the ramp up in sales during the spring and summer months, October unit sales is down 1.1% from October 2012 and up 4.5% compared to September 2013. With a decline in pending sales last the last three months, along with typical seasonal trends, the decline is not unexpected.
- The median sales price has remained stable for the past five months. This may be due to the beginning of the seasonal softening of median sales price along with increasing interest rates.
- Listings with no special conditions are up 195% from October 2011 and up 52% from October 2012. Traditional home sellers and those investors who were savvy enough to purchase at the bottom of the market now hold the majority of the inventory.
- For the consecutive second month, the sold-to-asking price ratio was below 100%. October sold-to-asking price ratio was at 99.7% compared to September 2013 at 99.5%. Although there is still strong buyer demand, we are not seeing the sales price exceed the list price as was the trend the first eight months of 2013.
related post: RSAR Monthly Market Report – September 2013
