September 2018 Market Report – Reno/Sparks

    “We are seeing a leveling trend of the median sales price in the area,” said Doug McIntyre,
    2018 RSAR President. “Since March of this year, median price in the Reno/Sparks has hovered
    in the $370K to $375K range, except during the summer months, when it reached a high of
    $389,000.”

    • The September median price at $374,000 is up 1% from August and up 11% from a
      year ago.
    • September unit sales at 439 are down 22% from August and down 28% compared to
      September 2017.
    • September new listings are down 22% at 630 compared to August and up 10.3% from
      one year ago.
    • The Reno market is a seller’s market, at 3.1 months supply of inventory. Months supply
      of inventory is the time it would take to exhaust the active inventory at the current rate of
      sales.

    Conclusions

    • During the month of September, there were 630 new listings compared to 809 in August,
      down 22.1%. Even with the decline in month-over-month new listing inventory, year-todate
      new listings are up 2% compared to 2017.
    • Active inventory at 1,377 has been increasing after a low of 646 in January 2018.
    • Increasing inventory is a good sign of a healthy market and it is taking the pressure off
      pricing.
    • September’s active inventory at 1,377 is still 67% below the active inventory high water
      mark of 4,148 reached in August 2006.
    • Months Supply of Inventory at 3.1 is at a four-year high, but remains a seller’s market.
    • Days to contract for September are at 42, down 12% from September 2017.
    • Properties are remaining on the market an average of 77 days down 7% from September 2017.
    • Sellers are receiving an average of 98.6% of list price down less than 1% from
      September 2017.

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    Corin Lujan

    Corin Lujan is licensed in California and Nevada where she started her career in real estate with Keller Williams in Reno in 2015. Corin was KW Reno’s "Rookie of the Year" 2015-2016 and consistently placed among the monthly Top 30 Producers. She grew up in Fremont, California where she still has many family members and friends, and graduated from UC Berkeley. Corin also lived in Southern California for 15 years where she raised her twin daughters, then in Las Vegas for four years before moving to Reno. Although she loves Nevada and calls Reno her forever home, Corin’s strong Bay Area roots translates well to her ability to work seamlessly with a diverse client base in both states. Prior to launching her real estate career, Corin worked as a journalist before transitioning as a public relations and marketing executive for a national nonprofit. Those skill sets continue to benefit her clients especially when making her sellers’ properties stand out in any market! To unwind from real estate, Corin enjoys cooking, hikes with the Sierra Club and playing with her two rescue dogs, Sammy the Border Collie-mix and Eliza the Newfoundland!

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