As of September 30th, there were 1,278 single family homes available for purchase, a 5% decrease from the prior month. A slightly larger decrease of 7% was realized since this time last year. Seventy percent of available homes are priced under $600,000.
For homes priced under $300,000, we have 1 month of inventory, and for homes in the range of $300,000 to $600,000, inventory is just under 2.5 months. 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 4.5 months, and the $900,000 to $1,500,000 price range is 6.3 months. These two price ranges represent the most balanced market between buyers and sellers. For homes priced over $1,500,000, we have a 12.9 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 less than 1% 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.