RSAR Monthly Market Report for Reno-Sparks, Nevada – March 2018

The Reno/Sparks Association of REALTORS^® (RSAR) has released its Market Report for Reno-Sparks the month of March 2018.

From March’s report…

The lack of inventory continues to drive sales price up. First quarter new listings were up 1% compared to the same period 2017,” said Doug McIntyre, 2018 RSAR President. “While this is not keeping up with demand, it’s a positive early indicator as we approach the spring selling season.

• The March median price at $375,000 is up 2% from February and up 18% from a year ago.
• March unit sales at 528 are up 19% from February and down 6% compared to March 2017.
• March new listings are down 3% at 551 compared to February and down 20% from one year ago.
• The Reno market is a seller’s market, at 1.1 months supply of inventory. Months supply of inventory is the time it would take to exhaust the active inventory at the current rate of sales.
• The March median sales price at $375,000 reached a new record high for the Reno/Sparks area since the boom and bust twelve years ago.

Click on the graph below to see the entire RSAR market report for March…

Related post: RSAR Monthly Market Report for Reno-Sparks, Nev. – February 2018