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Inventory & Percentage of Sales Report – May 2019

Posted by Jeff Sallan on Friday, May 3rd, 2019 at 7:15am.

As of April 29th, there were 964 single family homes available for purchase, which is over a 13% increase from the beginning of April. An even more sizable increase of 38% 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 about 18 days of inventory, and for homes in the range of $300,000 to $600,000, inventory is 2 months. If you own a home in either of these price ranges, it is a good time to sell with little competition in the marketplace. Inventory of homes priced from $600,000 to $900,000 is 3.9 months. The $900,000 to $1,500,000 price range represents the most balanced market with 4.7 months of inventory. For homes priced over $1,500,000, we have a 14.2 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 this year is down by over 15% from this time last year. We attribute much of this decrease to wintry weather in the first three months of this year, which generally slows down the market. 88% 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 4% of sales have been over $900,000.

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