After several months of “normalizing” market conditions, real estate the greater Reno area sparked back to life over the last 30 days.
The total number of closed transactions rose 6% to 344 from the previous month while median price continued its upward climb by 3% to $370,950. The number of days an average listing takes to find a buyer crept down by nearly 7% to 63.
Most notably, the inventory constraints so prevalent over the recent few years are showing signs of returning. While still up significantly from early 2018, supply has dropped by 13% month over month. Moreover, the number of new listings brought to market dropped 30% from the same 30 day period a year ago though this may be a reflection of heavy snowfall and a constant flow of winter storms making for sub-optimal come-to-market conditions. 2.7 months supply in the lowest the Reno market has seen in nearly 6 months.
While the last 12 months have brought more normalized real estate conditions, there remains a glairing and obvious shortage of housing options as the region grows.
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Elsewhere around town: