The best word to describe our market in Reno-Sparks right now is interesting. There are properties sitting on the market for hundreds of days, and others in bidding wars.
Year over year the average sales price is down over -10% but month over month, down 1.6%. From Jan ‘21 to Jan ’22 we saw a staggering increase in the average sales prices of 27.4% - so -10.3% year over year might sound like a lot, but we're still well above where we were pricing wise pre-pandemic.
New listings are up this month, but down over 20% from this time last year. Seasonality is creeping in, hence the uptick in both demand and listings - but we're off to a slow start. Buyers are slowly coming back from the sidelines but are taking their time making their choices - which shows with the days on market and reduction of volume in closed sales.
Overall, our market is still suffering from a lack of inventory (even more so now than prior to the pandemic) that is putting this continued strain on pricing. The president of The National Association of REALTORS® (otherwise known as NAR®) had said he predicts little change in home prices in 2023 due to this inventory shortage around the country.
As I had said at the top of the blog, this market is nothing short of interesting and I expect that to continue throughout spring and summer.