Note: This post is the fourth in a series of weekly updates on the impact of the coronavirus pandemic on the Reno-Sparks housing market.
New listings came in lower than the week prior. The 106 new listings that hit the market the week of April 26th – May 2nd is down 10.9 percent from the 119 new listings that came to market the previous week; and is down a whopping 55.3 percent from the corresponding week last year.
[Note: The number of new listings for the week of April 19 – April 25 has been adjusted to remove a large number of listings added that week due to a one-time transfer of listings from one brokerage to another. See How is the coronavirus pandemic impacting the Reno-Sparks housing market? [Update for the week of April 19th – 25th] for more details.]
Back on Market
Last week saw an increase in the number of properties returning to market. Recall, these “back on market” properties represent transactions that were in escrow and scheduled to close, but for some reason fell out of escrow, and returned to the MLS.
25 properties came back on market during the week of April 26th – May 2nd. This number is up 78.8 percent from the week prior, but is still below the peak numbers seen during the 2nd-half of March.
New Pending Sales
Perhaps the most positive indication of the lessening of the coronavirus pandemic’s impacts on our local housing market is the number of new pending sales. Last week saw 139 homes put into contract as pending sales. This number is up 13 percent from the number of new pendings the week prior. The number of new pending sales for the week of April 26th – May 2nd is off only 11 percent from the corresponding week in 2019 — a nice improvement from what was observed in late March and early April.
Since bottoming during the week of March 22nd – 28th, new pending sales have continued to climb. This trend will positively impact forthcoming closed home sales. Pending sales typically take 30 – 45 days to result in a closed sale, so look for future home sales to rise accordingly.
Last week the number of homes taken off the market climbed from the previous week. For the week of April 26th – May 2nd 24 listings were removed from the MLS. The number is up 84.6 percent over the previous week, and is roughly double the pre-coronavirus weekly average.
[Note: The number of withdrawn listings for the week of April 19 – April 25 has been adjusted to remove a large number of listings withdrawn that week due to a one-time transfer of listings from one brokerage to another. See How is the coronavirus pandemic impacting the Reno-Sparks housing market? [Update for the week of April 19th – 25th] for more details.]
The number of home sales continue to exhibit the effects of the unprecedented low number of pending sales in late March and early April. 85 homes sold during the week of April 26th – May 2nd. Though this number was 10 percent higher than the number of homes sold the previous week, year-over-year the number of home sales was down 54 percent from the corresponding week in 2019.
For the month, April sales totaled 374 units sold. This number is off 29.8 percent year-over-year. The 374 homes sold in April exhibited a median sales price of $416,500 — up 0.4 percent over March’s median sales price of $415,000; and up 10.5 percent year-over-year.
I will continue to track the data and update you on a weekly basis.
As always, thank you for reading the blog, and stay well.