The Washoe County median price is at $389,000, which is up 10% compared to July 2017. This is a record high median price for the Reno/Sparks market. When you factor in pricing with the seasonal trend, we anticipate that unit sales numbers may not reach 2017 levels. Overall, it remains Seller’s Market at 2.0 MSI*. (Month’s Supply of Inventory is the time it would take to exhaust the active and pending inventory at the current rate of sales.) Price is a factor, but not like it was last year. NOTE: Properties priced below $500,000 are at 1.6 MSI; properties priced $500,000 and above are at 3.4 MSI, properties priced above $1 million are at 7.0 MSI. The National Association of Realtors describes a balanced market as between 5 and 7 month’s supply of inventory (MSI). See the full report: 08 2018 Market Report
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