Let’s take a look at the existing housing inventory and sales statistics by price range for the Reno-Sparks area, as of August 29th.
The lack of local real estate inventory has been a main topic of conversation for many months. In August, we had a sixth straight month of small increases in available homes for sale in nearly every price bracket. However, in the price ranges where 95% of sales occur, demand is still very high, while supply is very low. But what does that mean to the home buyers and sellers in the region? The National Association of REALTORS considers 5 to 6 months of inventory a healthy market, where neither buyers nor sellers have a distinct advantage. We have studied our Reno/Sparks housing market by price range, and see an exceptional seller’s market in homes priced below $600,000. For homes priced below $300,000 there is a little over one month of inventory at 42 DAYS! For homes in the range of $300,001-$600,000, inventory has increased to just about 3 and one half months, but still remains in Seller’s Market territory.
In the price ranges above $600,000 we have a greater inventory of available homes, and a shift toward more of a buyer’s market. The months of inventory sits at just under 8 months for properties in the $600,001 to $900,000 range, while in the price range $900,000 to $1,500,000, the months of inventory is just over 14 months. For homes priced over $1,500,000, we have seen a dramatic increase in inventory since the beginning of the year; currently with just under 45-months’ supply.
If you are in the market to buy a home priced under $600,000, you will want to work closely with your Dickson Realty agent and your lender to give you the best chance of having your purchase offer accepted by a seller.
If you are selling in price ranges below $600,000, your Dickson Realty agent can help you price your home correctly and help you negotiate the best deal on the sale of your home.
As we near the end of summer, now is a good time to look at the Percentage of Sales by price range. Ninety-five percent of all sales since the beginning of this year have been in the price ranges under $600,000, with over 56% of sales occurring below $300,000 and over 38% of sales occurring between $300 and $600,000.
Increased values are putting more sellers in a positive equity position, while the supply-demand equation continues to drive home prices up at a healthy pace. If you own a home valued under $600,000, and you are thinking about your next move, this is a time when you may be able to get a premium price for your home. You also can likely purchase a home in one of the higher price brackets, where there is greater inventory, at a very competitive price. Whether downsizing or moving up, now is the time to speak with us to discuss your options.