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.