SAY HELLO TO SUMMER
RENO-SPARKS:
New listings are up by just under 9% giving buyers more options to choose from; if we take a step back and look at our inventory today versus this time last year, there has been a decrease of just under 50% (915 new listings in May of ‘22 versus 466 today) which furthers my point on inventory being well short of the demand.
In continuation of what I was mentioning above about multiple offers not meaning what it once did, the percentage of asking price received for sellers is still sitting under 100%, while this is trending upwards from 98.3% in April to 99.1% last month, this is showing that buyers still have a little bit of negotiating power even with other offers on the table. In the summer frenzy of '21, we saw the percentage of asking price received hit it's peak at 103.5% to give you a better frame of reference.
Days on market continue to decline with the uptick in summer shopping which is honestly the only thing that is all that similar about the market currently and how it was in previous years; we've gone from 12 to 11 days on market from last month to now.
INCLINE VILLAGE:
As we head into summer conditions are heating up around the lake, but similarly to Reno-Sparks, we're seeing this mean something different from years previous.
I say it all the time, don't be fooled by Incline Village's extremely high rate of monthly appreciation. With a market that small a single large sale can throw the entire average for a loop - but it's important to note the price points getting traction on a monthly scale.
New listings remained steady on a month-over-month scale but are down if we look at a year-over-year comparison. Despite the high price point around the lake, we are seeing days on market decline which is typical for the season.
Similarly to Reno-Sparks, the percentage of asking price received by a seller is down on a year-over-year scale - sellers are receiving 96.3% of their asking price, compared to 99.1% last year, showing more negotiating power for buyers, but with limited inventory that negotiating power only goes so far. The percentage of asking price received has been increasing since hitting its low in February.