Let’s take a look at the existing housing inventory and sales statistics by price range for the Reno-Sparks area, as of September 28th.
In the real estate industry, we’ve been talking about low levels of inventory for many months now. But what does that mean? We’ve broken down the Months of Inventory by price range, and are only looking at homes that are Active and Available. For homes priced $10,000-$300,000 there are only 38 DAYS of inventory! For homes in the range of $301,000-$600,000, inventory is just 84 days, or just around 2.8 months.
Although inventory has increased slightly since earlier in 2015, these two price ranges have been in a very strong seller’s market for many months now. It’s good to note that the National Association of Realtors looks for 5 – 6 months of inventory in a balanced market, where neither seller’s nor buyer’s have a distinct advantage.