Using the Reno/Sparks Association of Realtors calculations for available inventory, there was 3.2 months supply of inventory at the end July. This includes all active statuses; Active and Available plus active/pending (or in contract / in escrow). We like to look at only Active and Available, which are properties available to purchase and make an offer on.
If we break down the Months of Inventory by price range, and only look at the homes that are Active and Available as of August 3, then we see even lower levels of inventory, especially in the under $300,000 price range. For homes priced $10,000-$300,000 there are about 44 DAYS of inventory. For homes in the range of $301,000-$600,000, inventory is just 80 days, or just around 2.7 months. Although inventory has increased slightly since the Spring months, these two price ranges have been in a very strong seller’s market for many months now.
If you’re in the market to purchase a home in these price ranges, you will want to work closely with your Dickson agent and your lender to give you the best chance of having your purchase offer accepted by a seller.
If you are selling in these price ranges, your Dickson agent can help you prepare for the possibility of multiple offers and can help you negotiate the best deal on the sale of your home.