Using the Reno/Sparks Association of Realtors calculations for available inventory, there was a solid three months’ supply of inventory at the beginning of June. 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 June 29th, we will see low levels of inventory, especially in the under $300,000 price range. For homes priced $10,000-$300,000 there are 31 DAYS of inventory, increasing this variable to almost exactly one month. For homes in the range of $301,000-$600,000, inventory is just 74 days, right around the 2 ½ month mark. These two price ranges have been in a very strong seller’s market for many months now.