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, as of June 1, 2015.
Using the Reno/Sparks Association of Realtors calculations for available inventory, there was 2.9 months supply of inventory at the end of April. This includes all active statuses; Active and Available plus active/pending (or in contract / in escrow). We like to look at only Active and Available, which are properties available to purchase and make an offer on.
If we break down the Months of Inventory by price range, and only look at the homes that are Active and Available as of June 1st, then we see even lower levels of inventory, especially in the under $300,000 price range. For homes priced $10,000-$300,000 there is only 24 DAYS of inventory. For homes in the range of $301,000-$600,000, inventory is just 72 days, or just over 2 months. These two price ranges have been in a very strong seller’s market for many months now.
If you are planning to purchase a home, working with an experienced Realtor can be the difference in finding and purchasing a home in a seller’s market. If you are planning to sell your home, we would be thrilled to market your home so you receive top dollar. Give us a call at 775-453-4568 with any questions you may have about Reno real estate.