As of May 31st, there were 1,163 single family homes available for purchase, which is a 20% increase over the last month. An even more sizable increase of almost 60% 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 19 days of inventory, and for homes in the range of $300,000 to $600,000, inventory is 2.3 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 4.8 months. The $900,000 to $1,500,000 price range represents the most balanced market with 5 months of inventory. For homes priced over $1,500,000, we have a 14 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 May increased by 765 sales, or 49% over the month of April, and was the third consecutive month of sales increases. 87% of year-to-date home sales in Reno/Sparks have been under $600,000, and 8% of sales have been between $600,000 and $900,000. About 5% of sales have been over $900,000.
The fast moving spring selling season is upon us. If you would like to take a deeper look into the market conditions of your neighborhood, contact your Dickson Realty agent today.