As of October 31st, there were 1,119 single family homes available for purchase, a 12.4% decrease from the prior month. It is also the lowest inventory of available homes since April. About seventy percent of available homes are priced under $600,000.
For homes priced under $300,000, we have 31 days of inventory, and for homes in the range of $300,000 to $600,000, inventory is just under 2 months. That is a 17% decrease for that price range since the end of September. It’s a very good time to sell a home in either of these price ranges.
Inventory of homes priced from $600,000 to $900,000 is 3.8 months, and the $900,000 to $1,500,000 price range is 5.7 months. This price range represents the most balanced market between buyers and sellers. For homes priced over $1,500,000, we have a 10.6 month supply. 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 up by 2.6% compared to this time last year. 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.
If you want to be in a new home before the holiday season, the time to list your home for sale or buy a new home is now. If you have any questions about this report or would like to take a deeper look into the market conditions of your neighborhood, please reach out. It would be a pleasure to assist you.