RSAR Monthly Market Report – May 2017

The Reno/Sparks Association of REALTORS^® (RSAR) has released its Market Report for the month of May 2017.

From May’s report…

“Historically, during the peak listing months, May, June and July, new listing inventory outpaces sales, said John Graham, 2017 RSAR President. “This year new listings and sales are tracking at the nearly the same pace. This means new listing inventory is being quickly absorbed as sales.”

• The May median price at $335,500 was up 4% from April and up 8% from a year ago.
• May unit sales at 652 are up 26% from April and up 9% compared to May 2016.
• May unit sales at 652 is the second highest unit sales in a month, exceeded only by June 2005 at 679 sales.
• Sellers are receiving an average of 99% of list price down less than 1% from May 2016.
• The Reno market remains in a seller’s market, at 3.0 months supply of inventory. A months supply of inventory is the time it would take to exhaust the active and pending inventory at the current rate of sales.

Click on the graph below to see the entire report for May.

Related post: RSAR Monthly Market Report – December 2016