Here’s what you need to know about the Reno/Sparks real estate market, from the experts at Dickson Realty.
As of March 1st, there were 905 single family homes available for purchase, which is an 8% decrease from the beginning of the month. Although we had a monthly decrease, the available inventory has increased about 50% since this time last year, providing some relief to the buyers in our region. Sixty-nine percent of available homes are priced under $600,000.
For homes priced under $300,000, we have 1 month of inventory, and for homes in the range of $300,000 to $600,000, inventory is 1.6 months. If you own a home in either of these price ranges, it is a very good time to sell with little competition in the marketplace. Inventory of homes priced from $600,000 to $900,000 is 3 months. The $900,000 to $1,500,000 price range represents the most balanced market with 5.5 months of inventory. For homes priced over $1,500,000, we have a 12.4 month supply. A year ago, supply in this price range was 14% higher. A five to six month supply of homes represents a balanced market, where neither buyers nor sellers have a distinct advantage.
The number of home sales this year is down by over 20% from this time last year. 88% of year-to-date home sales in Reno/Sparks have been under $600,000, and 8% of sales have been between $600,000 and $900,000. About 4% of sales have been over $900,000.
If you would like to take a deeper look into the market conditions of your neighborhood, contact Sallan Real Estate today.