Let's take a look at the existing housing inventory and sales statistics by price range for the Reno-Sparks area, as of April 25, 2016.
We have been discussing the low levels of housing inventory for many months now. In the price ranges where 95% of sales occur, demand is 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 26 DAYS! For homes in the range of $300,001-$600,000, inventory is just 75 days, or about 2.5 months.
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 for properties in the $600,001 to $900,000 range currently resides at 6.2 months. In the price range $900,000 to $1,500,000, the months of inventory climbed to a staggering 11.2 months, over a month and a half more than March’s 9.6 months. As for homes priced over $1,500,000, we have seen a four-month increase in inventory with a 34.4-month supply.