Reno Real Estate Market April 2020

The median price of homes took a big jump last month. Click the video to learn more



Hi, this is Mike Hays with the Hays King Team at Keller Williams. And today, I'm going over the April 2020 market statistics for the Reno, Sparks marketplace. As always, we're comparing April to the previous month of March. So let's get started with the summary of the stats for the overall market in plain English. In this presentation, I'll be going over the median price of homes sold in the Reno, Sparks marketplace, as well as the number of homes sold, the amount or the number of homes that were actually for sale, the active inventory, the number of new homes that are on the market, days to contract, and then finally we'll wrap up with the month's supply or what's called the absorption rate.


Find Out How The Covid-19 Has Affected Your Home Value...CLICK HERE


So let's start off with the median price for April, and that was $416,500. That's both Reno and Sparks the median price sold, that's up almost 10.5% from the previous year. And from March 2020, it's up about 0.4%. Next are the number of homes sold. Last month was 374 units or 374 homes sold. Compared to the previous year, that was down almost 30% at 29.8%. And from March 2020 it's down almost 26.2%. The days to contract was 39 days. That's the time that it takes from the time it hits the market until it actually goes into contract, was 39 days. So for this month, that was actually down. Those numbers were down almost 7% at 6.9, from the previous year that is, and from the previous month that was up 10.1%. So we're seeing a slight bump in the days to contract.



Next are the active inventory or the actual number of homes that are on the market right now, which is 826 homes. From the previous year, April 2019, that's down 25.5%. And from the previous month of March 2020, that's down about 3%. So we're seeing a little bit of a drop in the inventory levels at this point in time, Next is the number of new listings. These are the number of new homes that came on the market last month, which was 561 homes. Compared to April of 2019, that's down 32%. And compared to March 2020, that's down almost 12% present.



The percent of asking to what's actually received last month was 98.9%. So right now, buyers are having to come in a little bit stronger and sellers are getting almost 99% of their asking price. Assuming if their home is listed or price right from the beginning. Now that does not include the number of price drops. So if a seller overprices their home from the beginning, we are starting to see those numbers come down, and at that point it's 99%. So we're not seeing a whole lot of those low-ball type of offers getting accepted at this point. Compared to April 2019, that's up about 2.2%. And compared to March 2020, that's down 0.3%.



Next is the absorption rate. Now, the absorption rate is synonymous with the month's supply of homes for sale on the market. It's the rate at which homes are actually sold. If it's under six months then it's typically a seller's market. If it's over six months, it's typically a buyer's market. So at this point in time, we're still in a pretty strong seller's market. The absorption rate, or the month's supply of homes that sold, is 2.2 months. That's equivalent to the rate of which homes are sold over that time period. So right now 2.2 months, that's still a pretty strong seller's market. We need to hit about six months supply before it turns into a buyer's market. Compared to April 2019, that's up about 6.2%. And compared to March of 2020, that's up about 31%. So we're seeing that number inch up a little bit in this market. And so it's a little bit of an interesting phenomenon going on right now.



With the COVID-19 situation we're still seeing a lot of homes sold. The number of showings has dropped off about 50%. However, we're seeing that the buyers that are out there are pretty strong and they're pretty well qualified. And we're seeing a lot of, I wouldn't say multiple offers, but we're seeing a lot of homes that are priced right. We're seeing those homes getting sold and going to contract pretty quickly. Again, a lot of it is price dependent.



So that's an overall summary of the market for this month. This is Mike Hays. If you have any questions, you can call Shana [Marcel 00:00:04:55] or myself. You can reach us at (775) 453-4625. And there are over 40 different markets within our area. So if you'd like something more specific for your neighborhood, we would be more than happy to reach out talk to you about what are the market stats for your neighborhood in particular. So don't hesitate to give us a text, email, or call us, pretty much. So, again, this is Mike Hays with the Hays King Team at Keller Williams. I hope you're having a fantastic day.

Find Out How The Covid-19 Has Affected Your Home Value...CLICK HERE


Call Mike or Shaina at (775) 453-4625