Let’s take a look at the existing housing inventory and sales statistics by price range for the Reno-Sparks area, as of March 28, 2016.
In the real estate industry, we’ve been talking about low levels of inventory for many months now. 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 a strong seller’s market in homes priced at $600,000 and below. For homes priced below $300,000 there is less than one month of inventory at just 23 DAYS! For homes in the range of $300,001-$600,000, inventory is just 60 days, right at two months. These price ranges make up roughly 95% of the sales in our region.
However, in the price ranges above $600,000 we have a greater inventory of available homes, and with that we see a shift to more of a buyer’s market. The months of inventory for properties in the $600,001 to $900,000 range currently resides at 5.4 months. In the price range $900,000 to $1,500,000, the months of inventory stayed even with that of February at 9.6 months. And, for homes priced over $1,500,000, we have just over a 30 month supply.
If you’re in the market to purchase a home in the under $600,000 price ranges, you will want to work closely with your real estate agent and your lender to give you the best chance of having your purchase offer accepted by a seller. If you're just beginning your home search and would like more information on the current Reno-Sparks real estate market or if you're ready to start looking and would like to receive homes that fit your parameters as soon as they hit the MLS, please call us at 775-453-0209.