“Unit sales in August reached a record high for the month of August at 678,” said John Graham, 2017 RSAR President. “The average days to contract are 38 in August down 19 percent compared to August 2016.”
• The August median price at $349,500 is down 2% from July and up 13% from a year
ago.
• August unit sales at 678 are up 6% from July and up 14% compared to August 2016.
• August new listings are up 10% at 717 compared to July and down 12% from one year
ago.
• The Reno market is a seller’s market, at 1.5 months supply of inventory. Months supply
of inventory is the time it would take to exhaust the active inventory at the current rate of sales. The Reno/Sparks Association of REALTORS calculates the Months Supply of
Inventory by dividing active inventory by unit sales. Pending sales are excluded from the
calculation.
Conclusions
• Unit sales in August reached a record high for the month of August at 678.
• The August median sales for the Reno/Sparks and surrounding Washoe County areas
excluding Incline Village at $349,500 is up 13% from a year ago.
• Last month the RGJ accurately reported that the July median for the “Reno only” area
was at $385,000. Its highest level since the boom. In August, the median price for Reno
was down 7% to $358,900. The August median price in Sparks at $330,000 is up 4%
from the prior month.
• The average days to contract are 38 in August down 19% compared to August 2016.
• Properties are remaining on the market an average of 86 days down 2% from
August 2016.
• Sellers are receiving an average of 99% of list price up less than 1% from August 2016.

“Reprinted with permission by the Reno/Sparks Association of REALTORS®.”

august 2017 reno report

Buyers, before we can start looking for your home, ensure that you are preapproved for a mortgage (if you don’t have other financing arranged). This will be critical, since sellers will not look at your offer on their home if you are not preapproved. A major concern is typically the lack of enough cash reserves to provide a down payment – this doesn’t always have to be a concern. There are scores of down payment assistance programs available, ask your lender for options. Nevada’s Home is Possible program is a great option for down payment assistance. Also, the Financial Guidance Center is a great resource for getting your credit score back on track to qualify for a loan.

If you, or someone you care about, can benefit from my services, contact me today.

 

 

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