What’s going on with our local housing market? Below is an in-depth look at existing housing inventory for sale and percentage of sales by price range in the Reno/Sparks area.
Using the most recent Reno/Sparks Association of REALTORS calculation for available inventory, there was 3.6 months supply of inventory at the end of February. This includes all Active statuses; Active and Available plus Active/Pending (or in contract / in escrow). If we look at only Active and Available, which are properties available to purchase and make an offer on, there was just a 1.48 month supply. These numbers are for condos, manufactured homes and single family residences in Reno/Sparks.
If we break that out by price range, the lack of inventory in the most affordable price range is pretty clear: just 17.2 days of inventory under $300,000 as of March 15th!