When Will Reno Businesses Open?
Earlier this week, Governor Steve Sisolak said he will be sharing some details on Nevada’s plan to reopen businesses slowly and safely. Hopefully some businesses will reopen in Nevada starting May 1st. However, with the experts and healthcare professionals anticipating a possible surge next week nothing is set in stone.
Our officials are watching it closely. Many are more worried about the risk of bankruptcy over the virus.
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This Weeks New Residential Listings & Closings in Reno-Sparks, Nevada
New Homes for Sale
New Condos & Townhouses for Sale
Home, Condo & Townhouse Closings
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Big Thank You to Guy Johnson, the author of Reno Realty Blog for assisting me with this report.
How is COVID-19 Affecting the Reno Real Estate Market?
To understand the impact of COVID-19 on the Real Estate Market it is important to analyze leading indicators. The two factors that may suggest future impact are “pending sales” and “withdrawn” listings.
Pending Home Sales in Reno-Sparks, Nevada
Pending sales are homes that are under contract in Reno-Sparks, Nevada. It is the pipeline of sales that are anticipated to close in the next month or two. Although there was a dip in new pending sales beginning the week of February 29th to March 28th, we are beginning to see an influx of homes getting into contract.
Homes Withdrawn from the Multiple Listing Service (MLS)
A withdrawn listing is a home that was taking off the MLS. Having a certain number of withdrawn listings is normal, however these times are not normal. With COVID-19 and the Governor’s Stay at Home Order issued on March 12, 2020 we have see an increase in the number of listings taken off the market. This comes to no surprise as many people continue to isolate themselves and prefer to keep from showing their homes.
If you are looking to list your home but want to limit the amount of foot traffic Virtual Tours are an option.
Housing Market Statistics
To get an idea of how the Reno-Sparks housing market is trending over a greater period of time I have selected a few key factors to analyze. These are the median sold price, average number of days on market, and the number of homes sold. All data is based on single family homes and was obtained through the Northern Nevada Multiple Listing Service (NNRMLS).
Median Home Price
The median sold price for single family homes in Reno-Sparks is remaining relatively flat. We have been seeing greater volatility in the market since the start of 2020. Although the March median sold price was 5.8% higher than February, I would expect the market to remain relatively flat due to economic conditions. “Median” means “in the middle”, so half of homes sold for less and half sold for more. Selecting the median is preferred to the average as it better accounts for outliers at the high or low end of the price range.
Monthly Homes Sold
A great health indicator of the housing market is the number of homes sold. As you can see from the graph below, March home sales were up 10.3% over February’s homes sold. One thing to consider is the length of time homes take to close. Generally a timely close would be 30 days or less. So many of the homes sold in March are from homes that went into contract in February or even January. This was before Nevada was put on notice to stay at home.
Average Days on Market
The Average Days on Market for homes sold in Reno-Sparks has been declining coming out of the winter season. The statistics suggest a fast paced market. However, with COVID-19 concerns here in Washoe County many people are staying home or temporarily taking their property off the market. Days on Market is the average number of days between when a property is listed and the contract date when an offer is accepted.
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