Welcome to March, and spring is just around the corner! Here is the latest info on the single-family home market in the Reno/Sparks area.

As of February 28th 2021, there were 228 homes available for purchase, which is a decrease of about 1.7% from last month. Despite the small decrease month-over-month, there was a year-over-year increase of 20% in standing inventory for the region. There are two main reasons for the low standing inventory; continued strong demand absorbs most listings quickly; and, we normally have fewer homes entering the market during the winter months of the year. Heading into spring, we anticipate more listings coming into the market.

Months or Days of Inventory is typically how REALTORS refer to the amount of time it would take to sell all existing homes for sale if no additional homes entered the market. For homes priced under $400,000, we have 4.7 days of standing inventory in Reno/Sparks, and for homes in the range of $400,000 to $700,000, inventory is about 10 days.

For inventory of homes priced in the mid to upper price ranges:

  • We have 22.8 days of inventory in the $700,000 to $1,000,000 price range
  • Inventory in the $1,000,000 to $1,500,000 price range is 22.7 days
  • For homes priced over $1,500,000, we have a 1.5 month supply

Sellers typically have a greater negotiation advantage when the supply of inventory is low. A five to six month supply of homes historically represents a balanced market, where neither buyers nor sellers have an advantage.

As of February 28th, our region has had 733 home sales so far this year. That is just slightly less than where we were February 2021, so we are starting the new year at a brisk sales pace. Breaking down the home sales through the first two months of this year, we see that:

  • 72.8% of sales were under $700,000
  • 16.9% of sales were between 700,000 and $1,000,000, and
  • 10.3% of sales were over $1,000,000

Low mortgage rates make this an excellent time to enter the market or move up to a home that better meets the needs of your lifestyle. A professional real estate agent with negotiation and market expertise is one of your best assets when buying or selling.

If you have any questions about this report or would like to take a deeper look into the market conditions of your neighborhood, please reach out. It would be a pleasure to assist you.

Posted by Jeff Sallan on
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