Sixty-six percent of all closed sales since January 2015 through May 31 in the Reno/Sparks area have been in the under $300,000 price range! The number of sales under $300,000 (1,807 sales year to date) is nearly two times the number of sales in all other price ranges combined. Twenty-eight percent of all closed sales were in the $301,000-$600,000 range; while 3.4 percent of closings (94 homes) were for properties priced $601,000 to $900,000. And, only 1.6 percent of sales, or 43 homes, were priced over $900,000.
What are the reasons for our continued inventory shortage, especially in the lower price ranges? There are many first time homebuyers. Competing in the first time buyer price ranges are investors, who are using their capital reserves to pay cash. In some cases, these cash buyers pay over asking price and further drive prices up.
The good news is, these increased values are putting more sellers in a positive equity position. This may be you, and if you are ready to move, the time may be right for us to talk. At Dickson Realty, we have the tools and technology to stay on top of the market. That will help you buy or sell at the right price.
To learn more about these market statistics, or to find out what your home is worth in today’s market, please contact us at 775-453-0209. I hope this information is useful to you in your decision making process for buying or selling a home.