As of December 3rd, there were 1,484 homes and condos available for purchase, which is over a 6% decrease from the beginning of November. Even though we saw a monthly decrease, Inventory is up by over 80% since this time last year. Seventy-eight 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 2.5 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. Inventory of homes priced from $600,000 to $900,000 is 3.8 months. The $900,000 to $1,500,000 price range represents the most balanced market with 5.3 months of inventory. For homes priced over $1,500,000, we have a 14-month supply (a year ago, supply in this price range was over 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 almost 9% 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 Sallan Real Estate today.