Let’s look at sales through July 31st. There were fewer home sales in the $10,000-$300,000 price range, indicating an increase in the percent of sales for more highly priced homes. The percent of sales for $300,001-$600,000 increased by 17% since the end of June, indicating growth in that price range. This makes sense as prices continue to rise in our region. Overall, there was an18% increase for sales priced above $600,000 from the end of June, which is a great sign for mid and higher-end home owners in the Reno/Sparks area.
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 to talk to an agent you trust. We would love the opportunity to be of service. If you have questions about the Reno-Sparks real estate market or selling your home, call us at 775-453-4568.