Let's take a look at the existing housing inventory and sales statistics by price range for the Reno-Sparks area, as of July 31, 2016.
The lack of local real estate inventory has been a main topic of conversation for many months. In July, we had a fifth straight month of increases in available homes for sale in nearly every price bracket. However, in the price ranges where 95% of sales occur, demand is still very high, while supply is very low. But what does that mean? The National Association of REALTORS considers 5 to 6 months of inventory a healthy market, where neither buyers nor sellers have a distinct advantage. We have studied our Reno/Sparks housing market by price range, and see an exceptional seller’s market in homes priced below $600,000. For homes priced below $300,000 there is just over one month of inventory at 38 DAYS! For homes in the range of $300,001-$600,000, inventory has increased to just over 3 months, but remains in Seller’s Market territory.
In the price ranges above $600,000 we have a greater inventory of available homes, and with that we see a shift toward more of a buyer’s market. The months of inventory sits at just under 8 months for properties in the $600,001 to $900,000 range, while in the price range $900,000 to $1,500,000, the months of inventory increased slightly from 13.6 months in June to 14.5 months in July. For homes priced over $1,500,000, we have seen a dramatic increase in inventory since the beginning of the year, currently with nearly a 46-month supply.