Spring has sprung in our market! The cherry blossoms are starting to bloom and we are seeing multiple offers on more properties. Some may even say that after this week's late March snow storm, we're in the clear weather wise too. Seasonality has definitely come to play in our market, but so has tapering interest rates and continued transplant demand.
Reno-Sparks:
Our average sales price increased, days on market have decreased and new listings have increased - clear signs of spring in our market. The average sales price is now $549,950, average days on market are 20 days & we saw 343 new listings come on the market; while all of this sounds like it's in favor of the seller, the good news for buyers is that there is still a bit of healthy negotiation space.
In terms of negotiating space, we did see a small uptick in the percentage of asking price received, but we are still seeing 1.1% of negotiation space from the asking price on average, which is allowing for some seller credits or concessions.
Properties are moving quick in our market across the board, but there is a very interesting dynamic between list price and days to contract. While the average is 20 days to contract, you can see that homes sitting above $600,000 are staying on the market for a bit longer and homes above $1M are staying for even longer than that (120+ days) - on the contrary, homes below $600,000 are seeing much less market time - homes $500,000 and below are seeing an average closer to 10 days on market.
Lake Tahoe:
Sales around the Nevada side of the lake have continued going strong and are picking up with spring and lower rates on the horizon. The average sales price has increased, days on market are down & new listings are down. Incline Village and the surrounding areas are such small markets that drastic swings in the average sales price month over month can happen - on it's own, the average sales isn't the best representation of market conditions which is why we look at things like days on market and new listings as well.
Mortgage Rates:
Mortgage rates have remained mostly neutral but on a downward trend this week which is good news for buyers and sellers alike. Some are surprised to see the downward trend, given the feds meeting last week left rates unchanged - but investors responded positively to the news of future rates cuts and the data that backed the feds confidence in the markets.
Markets were closed today for the holiday, but there is a jobs report on the calendar for next week, which could make things should be interesting.