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Reno-Sparks Real Estate Market Report- June 2, 2016

Posted by Jeff Sallan on Thursday, June 2nd, 2016 at 2:34pm.

Let's take a look at the existing housing inventory and sales statistics by price range for the Reno-Sparks area, as of May 31, 2016.

We have been reporting on the low levels of local housing inventory for many months. In May, we had a slight increase 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 $600,000 and below. For homes priced below $300,000 there is less than one month of inventory at just 25 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 grew to 7 months for properties in the $600,001 to $900,000 range. In the price range $900,000 to $1,500,000, the months of inventory continued its multi-month increase and Is now over 14 months. For homes priced over $1,500,000, we have seen a dramatic increase in inventory since the beginning of the year, currently with a 43-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 me and your lender to give you the best chance of having a purchase offer accepted by a seller.

If you are selling in these price ranges, I can help you price your home correctly and help negotiate the best deal on the sale of your home.

1 Response to "Reno-Sparks Real Estate Market Report- June 2, 2016"

8 Reasons to Down Size wrote: [...]to $600,000, there is a 3 month supply. A healthy market is  5 to 6 month supply of homes. Check out more information about the local real estate market here. 
Are you interested in downsizing? We would love to help you sell your home and purchase[...]

Posted on Wednesday, June 15th, 2016 at 4:19pm.

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