It’s no secret the housing market has changed significantly over the summer. The Reno-Sparks Association of Realtors released its August report which shows the change. However, experts say it’s not a ‘buyer’s market.’
“With a balanced market it’s good for both buyers and sellers,” said Sara Sharkey, incoming President of the Reno-Sparks Association of Realtors.
New numbers from August’s Reno-Sparks Association of Realtors show the shift.
It shows in Reno/Sparks there were:
*437 closed sales of existing single-family homes, an increase of 1.9% from July… but down 22% from last year.
* The median price went down by 1.5% compared to July. The median price is now $565,686.
*Homes are staying on the market longer, 32 days from listing to contract - up over 400% from last year.
Homes are selling, however, it is just taking more time.
“They are,” said Sharkey. “Sellers will need to have their homes on the market a little bit longer, going back to a normal market which is what we want.”
Only a few months ago, a home could hit the market and be under contract the next day with an offer ten of thousands of dollars above the asking price. That is no longer the case.
“It’s a level market,” said Sharkey. “That way the seller can sell at a price where it should be.”
Buyers are now able to take their time as they are not pressured to make an offer so quickly.
“This is one of the buyer’s biggest purchases in their lifetime,” she said. “So they need to take the time to make sure this is the right decision.”
Rural areas are also seeing the market slow. In August, Fernley had 32 sales of existing single-family homes, a 3% decrease from last month and a 51.5% decrease from the previous year.
