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Reno-Sparks Market Report-- Months of Inventory August 5, 2016

Posted by Jeff Sallan on Friday, August 5th, 2016 at 2:05pm.

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.

July 31 Months of Inventory Reno Sparks

1 Response to "Reno-Sparks Market Report-- Months of Inventory August 5, 2016"

Last Minute Showing? How to Make Your Home Sparkle in 15 Minutes or Less wrote: [...]it is to sell quickly!
Have questions about the home selling process? Want to learn more about the current real estate market in Reno? Ready to list your home? Give us a call at 775-453-4568. We would be thrilled to help you sell[...]

Posted on Monday, August 8th, 2016 at 11:20am.

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