As real estate professionals, it’s our job to understand the numbers. As the holiday season approaches, 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.

Data provided by Sierra Nevada REALTORS®.

Let’s examine the most recent housing data from Sierra Nevada REALTORS® from two perspectives that provides insight into both long-term and short-term trends:

There’s no doubt about it–the overall report for October indicates a robust Northern Nevada real estate market. Median Sales Price came in at $589,000, an increase of 2.4% year-over-year and a very slight increase of 0.1% from September. Interestingly, the Median Sold Price Per Square Foot rose by 1.9% from October last year but fell by 4.0% from September. The List Price Received held strong, remaining virtually unchanged in both the year-over-year and month-over-month figures. This indicates that Sellers are receiving 98.6% of their list price, which is a very strong number. In other words, active Sellers and active Buyers are nearly in complete agreement when it comes to list price. Taking this further, the Median Days To Contract remains extremely low (homes are selling fast!), coming in at a mere 33 days (even though the figures increased from both the year and month prior). All of these figures are indicators of a market with strong demand and limited housing supply, which is a reality we live with daily.

While New Listings rose a whopping 26.2% from October 2023, they actually dropped by 7.0% from September. This dynamic of falling inventory is also evidenced in both Active Inventory (up 13.7% year-over-year but down 7.1% month-over-month) and Months Supply Of Inventory (down 7.4% year-over-year and down 8.3% month-over-month). All these numbers point to  the fact that home inventory is decreasing. That’s not necessarily great news for Buyers, but this could be due to the natural seasonality of real estate as we enter the early days of the holiday season.

If you’re thinking about selling your home now or in the near future, rest assured that our home prices remain steady and our market remains strong despite the limited inventory battle (limited inventory plays favorably for current homeowners). Hiring a real estate professional who deeply understands our dynamic Northern Nevada market is essential. At HomeGate Realty, we take a holistic view of your financial goals, priorities, and needs, and we custom-tailor a plan to get you there. Even if you’re considering selling your home this coming spring, let’s get together soon and talk further about what the preparation process looks like. We’re here to guide you every step of the way to optimize the net proceeds from your sale.
 

All this low inventory and strong median home price talk probably has you a little skeptical about entering the housing market. Our recommendation? Don’t wait any longer. Prices will not dip any time soon, particularly because of the supply-demand imbalance. Next, don’t obsess about interest rates. The realization of market appreciation far outweighs a higher interest rate environment, and while this isn’t necessarily the case in every real estate market across the country, it certainly applies to Northern Nevada. In other words, when you put off investing in real estate, you put yourself farther away from realizing market appreciation that accompanies owning a home in a high-demand, low-inventory environment.
 

As either a Home Seller or Home Buyer, if you have questions specific to your situation, we’re always happy to sit down with you, listen to your needs, and put together a plan to help you reach your goals. It’s important to start the process early, though, as this gives you the advantage of preparation and vision. Contact us today––we would be honored to help.

Both Home Sellers and Home Buyers 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. Contact us today.