Here is the Angst Real Estate Team's May 2020 Real Estate Market update for the Reno/Sparks area. The takeaway points are: #1 The overall market remains a seller's market with the Median Home Price
Angst Real Estate Team's market update for April 2020
Dated: May 24 2020
Angst Real Estate Team's market update for April 2020 -
Below is the link to the Angst Real Estate Team's April 2020 real estate market update for the Reno/Sparks area. This is the first market report that indicates some of the consequences of the COVID-19 outbreak. To be honest, the full impact of COVID-19 is still murky at best, but here is what we know right now:
The broader local real estate market remains a seller's market. Sellers are concerned about allowing people to view their homes and there is definitely some uncertainty because of COVID-19, which has precipitated a 30% drop in new listings year-over-year. It is the simple principle of supply and demand right now; less inventory and a fairly strong appetite for housing mean higher prices. The median home price for April 2020 was $416,500.
Buyers remain motivated right now. Historically low 30-year mortgage rates and a flood of Californians to our area are keeping a strong demand for housing in our market.
In our opinion, the seasonality of our market will shift by 2-3 months and new listings will likely increase over the next 30-60 days as the governor eases the state's COVID-19 restrictions. If you need to sell your house in 2020, there is definitely an opportunity to sell it for top dollar before the flood of new listings hit the market in the next 30-60 days.
If you have any questions about the report or want our opinion about your situation, we are offering free 30-minute zoom meetings. We are of course always available via phone 775-525-0309. We appreciate your continued support in 2020. If you know anyone that is buying or selling a house, we would love the opportunity to help them. Teresa and I strive to always be available to you and/or your referrals.
Link to my Real Estate Market Update for 2020 in the Reno/Sparks area:
Kenneth Angst, P.E., MBA, Realtor, CRS, FAA Certified Drone Pilot
Kenneth Angst embodies hard work, high energy, honesty, and elite service marketing throughout your real estate transaction. Born and raised in Northern Nevada, Ken is a proud native Nevadan. He has ....
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