Market Report – Inventory and Percent of Sales – Reno/Sparks
Our local housing market is hot, right along with the summer weather. What we are hearing from our clients is that people still need and want to buy and sell homes. Of course, each buyer or seller must evaluate what is best for them. As your trusted advisors, we can help explore your options. The only properties we still cannot show to prospective buyers are those occupied by tenants.
Here are the latest statistics for the single-family home market in the Reno/Sparks area:
Days or Months of Inventory is the amount of time it would take to exhaust all available homes for sale if no additional homes came into the market. For homes priced under $300,000, we have a remarkable 7.5 days of inventory, and for homes in the range of $300,000 to $600,000, inventory is only 19 days. While the extremely low inventory represents a very real challenge for buyers, now is an extremely good time to sell a home in either of these price ranges, with multiple offers being received on many listings.
Inventory of homes priced from $600,000 to $900,000 is 3 months, and the $900,000 to $1,500,000 price range inventory is 4.4 months. For homes priced over $1,500,000, we have a 9.5 month supply. A five to six month supply of homes represents a balanced market, where neither buyers nor sellers have a distinct advantage.
The number of home sales so far this year is down by 115 units from this time last year. This is mainly due to the restricted inventory levels and not due to lower demand. 83.3% of the year-to-date home sales in Reno/Sparks this year have been under $600,000. 11.8% of sales have been between $600,000 and $900,000, and 4.9% of sales have been over $900,000.
If you have any questions about this report or would like to take a deeper look into the market conditions of your neighborhood, please reach out. It would be a pleasure to assist you.