Everyone wants to know where the Reno housing market is heading… if I could tell the future I would be very rich! However, there are metrics that can provide us with insights of where the real estate market is headed in the next 30-45 days. That is what the #ActiveAgent Update will cover this week.
Stick around to the end of the article to get access to all the new and sold listings in our local market.
Forecasting the Reno Housing Market
The best way to forecast the Reno Housing Market is to look at pending sales, property showings, and withdrawn listings. All three metrics can be tracked daily and provide insights into market activity, competition, and the possible number of sold homes in the future.
Pending Home Sales in Reno-Sparks, NV
What a difference one week can make as homes under contract surge to 144 pending sales. Our local market is on the right track considering the recent hardships. As more people return back to work I would expect to see a growing number of mortgage applications. As COVID-19 restrictions continue to be lifted more qualified buyers will begin to view properties and ultimately I would anticipate an increase in the number of pending sales.
Property Showings in Nevada
Last week there was a 2.2% increase in property showings in Nevada. Nothing to write home about. With this level of showings it is unlikely we will see prices continue to rise if more homes start to come on market. I am curious to see the impact on property showings as people become more comfortable leaving their residences.
Homes Withdrawn from the Multiple Listing Service (MLS)
Withdrawn listings has normalized back to coronavirus anticipated levels. After further review, last weeks surge in withdrawn listings were more of an outlier. Resulting from new construction listings with builders, that haven’t even been built yet, being taken off market. Although the number of sellers withdrawn listings is historically high, it isn’t surprising due to the lack luster number of property showings.
Reno Housing Market Median Sold Price
The median sold price for single family homes in Reno-Sparks is $414,300 for last week. Prices remain fairly stable and time will tell where they are headed. There are many factors that would suggest prices would drop, such as high unemployment numbers and the impact of COVID-19 on the World economy. However, much of the World has also been implementing quantitative easing which is meant to stimulate and bring stability to the markets. This same quantitative easing resulted in the longest bull run in stock market history. Hard to say what its impact will be this go around.
Weekly Homes Sold in Reno/Sparks, Nevada
Last week there were 78 homes sold in the local market. Weekly homes sold remain relatively flat for April. Remember, the homes sold metric is a lagging indicator due to the closing of property taking roughly 30 days or more. Looking at the pending sales data increasing since the beginning of April, I would expect to see an increase in the number of homes sold as well.
Average Days on Market
Average Days on Market for homes sold in Reno-Sparks remain fairly low. The statistics suggests a fast paced market. However, as we know less homes are being sold.
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This Weeks New Residential Listings & Closings in Reno-Sparks, Nevada
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Hope You Enjoyed the Reno Housing Market Forecast
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