Note: This post is the eigth in a series of weekly updates examining the impact of the coronavirus pandemic on the Reno-Sparks housing market.
Pending sales continue to climb; Sales up!
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 observed.
The week of May 24th – May 30th saw 177 homes placed into contract as pending sales. Not only is this number the largest we have observed since the coronavirus pandemic began, but also, year-over-year, these pending sales are up 22.1 percent over the weekly total of 2019. Very good news!
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.
The 104 new listings that hit the market the week of May 24th – May 30th, though fewer than the number of new listings the previous week, lessened the year-over-year weekly gap.
For the week of May 24th – May 30th new listings are up 38.5 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
The number of properties falling out of escrow and returning to market increased during the week of May 24th – May 30th.
18 properties came back on market during the week of May 10th – May 16th — four more than the week prior. This number remains is a bit higher than pre-coronavirus weekly numbers, however is well off the peak weekly numbers observed in March and April.
The week of May 24th – May 30th saw 14 homes taken off the market. — four more than the week prior. This number is in line with pre-coronavirus pandemic weekly levels.
The market appears to have moved past the worst of the number of listings being taken off the market.
[Note: The number of withdrawn listings for the week of April 19 – April 25 has been adjusted to remove a large number of listings withdrawn that week due to a one-time transfer of listings from one brokerage to another.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.]
111 homes sold the week of May 24th – May 30th. this number was up 19.4 percent from the previous week, but still down 37.4 percent year-over-year, from the corresponding week of 2019 — an improvement in the year-over-year weekly differential over the previous week.
The number of homes sold continue to reflect the effects of the unprecedented low number of pending sales observed in late March and early April, however the year-over-year weekly difference is beginning to close.
With new pending sales now above year-over-year weekly totals (see above), expect home sales to continue to rebound.
As always, thank you for reading the blog. I will continue to track the data and update you on a weekly basis.
In the meantime, please take care of yourself and each other.
The data reported covers the cities of Reno, Nevada and Sparks, Nevada [NNRMLS Area #100]. Residential data includes Site/Stick Built properties only. Data excludes Condo/Townhouse, Manufactured/Modular and Shared Ownership properties. Data courtesy of the Northern Nevada Regional MLS – June 3, 2020. Note: This information is deemed reliable, but not guaranteed.