Warm weather came in as a teaser last week to show us what's in store for summer, and our real estate market both in Reno and Incline Village seems to be doing the same.
Things are heating up in Reno-Sparks, that's for sure. In the day-to-day of the market, my clients have seen multiple offers back on the table, a reduction in days on market and more buyer competition overall.
Our average sales price has increased 3% month over month, despite the talks of the fed raising rates again soon. As it stands, rates are down nearly a full percentage point from December, so buyers are looking to take advantage of that. Not only that, but as I say around this time every year, we can partially thank seasonality for the heightened competition.
Because of the uptick in demand, we've seen a reduction in days on market of 46.9%, meaning sellers are getting an accepted offer faster than this time last month - on average, properties are on the market for just over two weeks before going under contract. We're seeing more sellers want to cash in on listing their property now that buyer demand has increased, and our new listings are up 30.8%.
Incline Village has been hanging in there despite the record-breaking snow that feels like it just keeps coming.
The average sales price rose this month by 29.8% from last month and while the weather holds out more sellers are putting their properties on the market. Similar to the circumstances raising demand in Reno-Sparks, like rates being down nearly a full percentage point from December and seasonality, we're seeing more buyers come out to play in the Incline market.
Days on market are down by nearly 50% to 76 days, which is considerable given the price-point of the market around the lake.
New listings are up by 28.6% - more sellers are reconsidering another winter like this last one, so I anticipate seeing an uptick in inventory over the next 6-12 months after the conditions we've seen this winter.