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Reno-Sparks Real Estate Market Report-- March 4, 2016

Posted by Jeff Sallan on Friday, March 4th, 2016 at 3:35pm.

Here's the very latest news about our local housing inventory and percentage of sales by price range in the Reno/Sparks area, as of February 29, 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 below $600,000. 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 56 days, or just under two months. These price ranges make up 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 sits right at 5.0 months. In the price range $900,000 to $1,500,000, the trend continues to 9.6 months. And, for homes priced over $1,500,000, we have a 28 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 Dickson Realty agent and your lender to give you the best chance of having your purchase offer accepted by a seller.

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

As we move into the more active Spring selling season, now is a good time to look at the Percent of Sales by price range. Nearly 95 percent of sales since the beginning of 2015 have been in the price ranges under $600,000, with 63% of sales occurring below $300,000 and 32% of sales occurring between $300 and $600,000

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 for us to have a conversation.

At Dickson Realty, we have the tools, training and technology to stay on top of the market. That, combined with our experience, can help you buy or sell at the right price.

To learn more about these statistics, or to find out what your home is worth in today's market, please contact us at 775-453-0209. We hope this information is useful to you in your decision making process for buying or selling a home.

 

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