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As real estate professionals, it’s our job to understand the numbers. As the spring season begins to take shape, we are committed to keeping you up-to-date on important trends in our market. Each month in our Market Update, we’ll take a deeper dive into select reports to show how these numbers affect you and your loved ones.
These graphics reflect numbers for April 2024, which is the most recent real estate market statistics released by Sierra Nevada REALTORS®.
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First, let’s take a look at the April 2024 Year-to-Date Market Review vs. 2023’s Market Review through April 2023. On the whole, this report indicates a stable market. The Median Sales Price jumped 5.7% in the first four months of 2024, compared to the first four months of 2023. This is a strong number for home sellers. Meanwhile, Closed Sales remained steady, dropping only slightly (1.7%) from the first four months of 2023.
One of the biggest statistics to note is the marked decrease in Median Days To Contract–coming in at only 15 days for January through April 2024, a 40% drop from the same period in 2023. WOW!
This decrease in Median Days To Contract, coupled with an 8% increase in New Listings to date (as compared to January through April 2023), indicates that the current 2024 buyer pool in the Reno/Sparks area is absorbing the increase in new listing inventory well. This continues to tell the story of our low-inventory market. You can see the raw data below:
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Next, let’s examine the number of New Pending Sales over the last three weeks to determine which direction they’re heading. In other words, are more homes going under contract? In a word, yes, and interestingly, this number has grown pretty significantly lately, going from 98 (up 19.4% from the same week in 2023), to 112 (up 4.5% from the same week in 2023), to 117. This indicates a couple of things–we’re entering the time of year when real estate picks up due to broad seasonality (warmer temperatures, winding down of the school year, etc.), and it also hints that we may have a busier 2024, with buyer competition potentially on the rise as well. Here’s the data:
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Similarly, let’s examine Unsold Listings over the past three weeks, and we’ll discover that the number of listings that didn’t sell are decreasing dramatically, from 24 (down 75% from the same week in 2023), to 10 (down 40% from the same week in 2023), to a mere 6. WOW. Essentially, listings are being “gobbled up” by buyers, and fewer homes are falling to the unsavory status of “unsold.” Data here:
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What about the Median Original List Price? Are the original list prices of homes decreasing or increasing over the last three weeks? More interesting data: $649,000 (up 6.9% from the same week in 2023), to $599,900 (up 15.8% from the same week in 2023), to $694,450. WOW:
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What does this mean for home sellers? If you’re thinking about making a move this year, buyer competition is increasing, Median Days On Market is falling, Median Sales Price continues to climb, and despite a growing number of New Listings, inventory remains short. In other words, if you’re thinking about selling this year, NOW is the time. And, because the market is fluid and constantly changing, it’s also crucial that you hire an experienced agent who deeply understands the market dynamics in order to optimize your list price and net proceeds.
What does all this mean for home buyers? Interest rates have been extremely volatile lately, and it appears that mortgage rates are on an upward trend. Competition among buyers also appears to be increasing. But, despite what may sound like bad news for buyers, it really isn’t. Buying a home (and homeownership in general) is one of the most effective ways to create and preserve generational wealth. That means, you’re in this for the long haul–you have the long game in mind (marry the house and date the rate!)–so let’s look at a couple of things you can do:
- Hire a very experienced mortgage professional who can guide you in obtaining the best rate and terms for your purchase. If you need recommendations, reach out to us.
- Hire a very experienced real estate professional who is also an expert negotiator so that he or she can craft the very best terms on your behalf. Creative, out-of-the-box thinking and the ability to work with other agents in the area is crucial to create win-win deals. That is the secret sauce to uncovering the most favorable deal for you and your loved ones.
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Both buyers and sellers can win in this market, and we are in the business of making that happen for our clients. We have a deep understanding of the local market and a knack for obtaining favorable terms for our clients.
Have questions about how our local market affects your particular situation? Reach out to us today––we’re happy to share our wisdom, and we’d be honored to serve you.
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Alan Hoffman
Broker
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Magda Martinez
REALTOR®
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Do you know someone who might benefit from our Monthly Market Update?
You can pass it along below:
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If you currently have a signed representation
agreement with another broker, please disregard.
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