What’s going on with our local housing market? Below is an in-depth look at existing housing inventory for sale and percentage of sales by price range in the Reno/Sparks area, as of June 29, 2015.
Using the Reno/Sparks Association of Realtors calculations for available inventory, there wasa solid three months supply of inventory at the beginning of June. This includes all active statuses; Active and Available plus active/pending (or in contract / in escrow). We like to look at only Active and Available, which are properties available to purchase and make an offer on.
If we break down the Months of Inventory by price range, and only look at the homes that are Active and Available as of June 29th, then we see even lower levels of inventory, especially in the under $300,000 price range. For homes priced $10,000-$300,000 there are 31 days of inventory. For homes in the range of $301,000-$600,000, inventory is just 74 days, or right around the 2.5 month mark. These two price ranges have been in a very strong seller’s market for many months now.