Geeky Market Report for November 2023
Here is my Geeky Market Report for November 2023. During November inventory remained low, and prices in Reno and Sparks have dipped a little, which for the time of the year, is not unusual. For more details, check out the numbers below.
Reno Median Home Price in November 2023
The median house price in Reno dropped to $585,000 in November 2023. This represents a decrease of 2.5% from last month, but an increase of 3.2% from November 2022.
Sparks Median Home Price in November 2023
In November, the median house price for Sparks rose to $530,000. This was an increase of 1.9% from last month, as well as a 3.9% increase from November 2022.
Inventory
During November, 514 homes and condos were added to the market. By the end of the month, 371 homes sold, leaving 897 listings available for purchase. At this rate of sale, if no other homes are added to the market, there would be enough inventory to satisfy buyer demand for 2.4 months.
Thoughts for the November 2023 Market
November showed a little bit of cool down for the Reno Sparks real estate market. This is to be expected, since many buyers suspend their home search until the beginning of the new year, and a majority of sellers follow suit, and decide to wait to list their home until January or later towards the spring. Though the overall volume of activity dropped, buyer demand was still strong enough to hold prices steady. This could be seen in the fact that the months supply of inventory for Reno and Sparks was at 2.5 months, which is still a seller's market, and on average, sellers received 97.9% of their list price. When compared to July of this year, the average amount received was 98.9%. So, what does this mean for buyers and sellers in Reno/Sparks area? Find out below.
For Home Buyers Looking in the Reno/Sparks Market
A lot of sellers would rather sell during the spring, when there are more buyers in the market. So, if they are selling now, there is a good chance that there is a reason why they are not waiting. Which means they may be motivated to sell, and more willing to negotiate.
For Sellers Looking to Sell Their Reno/Sparks Home
Since inventory is low, buyers will have fewer options. And, if they are out looking during the winter, chances are that they are motivated as well. Though you may not be able to call all the shots, you will have leverage when negotiating with buyers.
Conclusion
Overall, pricing in the Reno/Sparks market is stable, and until more inventory is introduced to the market, it is likely to stay that way.
