Inventory of homes for sale increased slightly in October providing additional relief for buyers. As of October 29th, there were 1,588 homes and condos available for purchase, which is a 1% increase from the beginning of September and a 60% increase from this time last year. Seventy-seven percent of available homes are priced under $600,000.
For homes priced under $300,000, we have 1.7 months of inventory, and for homes in the range of $300,000-$600,000, inventory is 2.7 months. If you own a home in either of these price ranges, it is still a very good time to sell with little competition in the marketplace. Homes priced from $600 to $900,000 and $900 to $1,500,000 represent the two most balanced price ranges with 4.3 and 5.8 months of inventory, respectively. For homes priced over $1,500,000, we have a 15-month supply (a year ago, supply in this price range was 2 years). A five to six month supply of homes represents a balanced market, where neither buyers nor sellers have a distinct advantage.
The total number of home sales this year is down by 11% from this time last year. Over 88% of year-to-date home sales in Reno/Sparks have been under $600,000, and 7% of sales have been between $600,000 and $900,000. Slightly more than 4% of sales have been over $900,000.
If you would like to take a deeper look into the market conditions of your neighborhood, contact us today.