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 October 31, 2015.
In the real estate industry, we’ve been talking about low levels of inventory for many months now. But what does that mean? We’ve broken down the Months of Inventory by price range, and are only looking at homes that are Active and Available. For homes priced $10,000-$300,000 there are only 36 DAYS of inventory! For homes in the range of $301,000-$600,000, inventory is just72 days, or just around 2.4 months. Although inventory has increased slightly since earlier in 2015, these two price ranges have been in a very strong seller’s market for many months now. It’s good to note that the National Association of Realtors looks for 5 – 6 months of inventory in a balanced market, where neither seller’s nor buyer’s have a distinct advantage.