The Reno/Sparks Association of REALTORS® (RSAR) has released its Market Report for the month of October 2016. See below.
Note: The small differences between the RSAR’s reported numbers and the market data I reported on for October last week can be explained by the different days that each report was compiled. It appears that the metrics in the RSAR report were compiled a day or two earlier than when I compiled my numbers. This difference in timing allowed for additional sales to be reconciled for the month for my numbers. For example, whereas the RSAR report is showing 484 home sales in October with a median sales price of $306,000; I’m seeing 490 home sales exhibiting a median of $307,000.
Incidentally, I also update the numbers on this blog’s Historical Median Sold Data page each month, so that is always up-to-date.
OK, on to October’s report…
From the RSAR report:
- “Days on market trending up, the leveling in the median price, along with the increase in Month’s Supply of inventory are all indicators that the market may be softening during the winter season,” said William Process, 2016 RSAR President. “To help ensure a sale during the winter slowdown, sellers should be in conversation with their Realtor to make sure the house is priced appropriately for today’s market.”
- Housing affordability is the hot topic in the Reno-Sparks housing market. The leveling in the increases in median price continued into October. We have not seen a double digit increase in median price since July of this year. The median price remains 15 percent below its record high in January 2006.
- October unit sales are down in the Reno market. This can be attributed to the typical
seasonal downturn we experience in the Reno market. - Properties are remaining on the market an average of 92 days compared to 90 days in
October 2015. - Sellers are receiving an average of 98.5% of list price compared to 98.9% in October of
2015. - With sales down along with a decrease in new listings, the months supply of inventory
was at 4.3 months, up 17% from October 2015.
Click on the chart below to access October’s Market Report in full…
Related post: RSAR Monthly Market Report – April 2016
