As of June 30th, there were 1,265 single family homes available for purchase, which is a 9% increase over the last month. An even more sizable increase of 37% was realized since this time last year, providing needed relief to home buyers in our region. Sixty-nine percent of available homes are priced under $600,000.
For homes priced under $300,000, we only have 29 days of inventory, and for homes in the range of $300,000 to $600,000, inventory is 2.5 months. If you own a home in either of these price ranges, it is a very good time to sell with little competition in the marketplace. Inventory of homes priced from $600,000 to $900,000 is 5.2 months, and the $900,000 to $1,500,000 price range is 5.6 months. These two price ranges represent the most balanced market between buyers and sellers. For homes priced over $1,500,000, we have a 14.8 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 in June decreased by 154 sales, or 22% over the month of May. Year-to-date, 86% of home sales in Reno/Sparks have been under $600,000, and 9% of sales have been between $600,000 and $900,000. About 5% of sales have been over $900,000.
The summer selling season is upon us. If you would like to take a deeper look into the market conditions of your neighborhood, contact Sallan Real Estate today.