The Reno/Sparks Real Estate Market Crossed a Threshold it Hasn't Crossed Since May, 2022

As of this morning, Tuesday, March 28, 2023, the Reno-Sparks market reached a threshold it hasn't crossed since May 24, 2022: there are more homes under contract than there are homes actively for sale. This includes single family homes, condos, and manufactured homes. There are 673 units actively for sale and 683 are under contract. Single family homes have not inverted yet--as of this morning, there are 540 homes for sale and 519 under contract. Why have the numbers inverted? There are a few reasons. The primary reason for this drop is that less people are listing their homes for sale. "New" listings for the last 4 Saturdays have been 67, 81, 80, and 62. One year ago (2022), the number of new listings each Saturday during the same time were 117, 112, 116, and 134 and in 2021 the number of new listings each Saturday during the same time were 122, 114, 114, and 101. Homeowners are staying put, enjoying their 2.5-4% interest rates and trying not to freeze to death in our weekly snowstorms. Interestingly, almost exactly the same number of homes went into contract this same week last year as this year--123 from last Tuesday to this morning and 128 during the same time last year. But as a general trend, the number of homes in contract has been trending upwards this year. I should add that a lot of closings get scheduled for the end of the month, so the number of homes in contract will probably drop substantially this week as homes close (they will move from "under contract" to "sold"). The bottom line is this: supply continues to be low. Market sentiment is much better now than it was one year ago, as we were beginning to experience the most significant negative market shift since the Great Recession. The takeaway? If you plan to sell this year, you may want to speak with your trusted real estate advisor about whether you should take advantage of the present low inventory rather than waiting for your trees to green and your flowers to bloom. It is expected that the number of new listings will rise as the weather gets better. Also, some areas are in much higher demand than others. #ferrarilund #marketstats #renorealtor #renosparksrealestate #reno #renosparksrealtor