“Although September sales were down, year-to-date sales are at near record numbers – up 4 percent or 220 sales from the same period in 2016,” said John Graham, 2017 RSAR president.

• The September median price at $335,000 is down 4% from August and up 8% from a
year ago.
• September unit sales at 587 are down 18% from August and down 7% compared to
September 2016.
• September new listings are down 25% at 550 compared to August and down 23% from
one year ago.
• The Reno market is a seller’s market, at 1.7 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

• The September median sales for the Reno/Sparks area at $335,000 is up 8% from a year
ago. Median price has declined for the past two consecutive months, an indicator of
seasonal cooling.
• In September there were a reported 61 price reductions and 3 price increases.
• New pending sales have declined over the past three months, but year-to-date are up
6.5% from the same period in 2016.
• The average days to contract are 47 in September up 4% compared to September 2016.
• Properties are remaining on the market an average of 82 days down 9% from
September 2016.
• Sellers are receiving an average of 99% of list price level with September 2016.

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

renofernleyseptember2017

Even though the market is in a seasonal lull, Daniel Ellsworth, Realtor, is prepared to aid the meeting of the minds between buyers and sellers in Reno, Nevada’s home market.

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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