Market Report is Out!

I have some market news I’d like to share with you.

Market Report – Inventory and Percent of Sales – Reno/Sparks

Our market activity sustained a high level of action as we reach midsummer. As of July 31st, there were 1,206 homes available for purchase in Reno/Sparks, which is a 17% increase from June and an 11% increase from this time last year. Over half of available homes are priced from $300,000 – $600,000, and 20% of available homes are priced under $300,000.

Absorption Rate, or Days of Available Inventory, is the amount of time it would take to sell off all existing homes for sale if no additional homes entered the market. The National Association of REALTORS considers 5 to 6 months of inventory a healthy market, where neither buyers nor sellers have a distinct advantage.

For homes priced under $300,000, we have 32 days of inventory. For homes in the range of $300,001-$600,000, available inventory is 2 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. The inventory of homes in the $600,001 to $900,000 range is just under 4 months. The $900,001 to $1,500,000 price range is the most balanced at 4.8 months. For homes priced over $1,500,000, we have a 14 month supply (a year ago, supply in this price range was nearly 3 years).

The total number of home sales this year is down by 234 homes, or 5% less than this time last year. As of July 31st, nearly 89% of home sales in Reno/Sparks have been under $600,000. Just over 7% of sales this year have been between $600,000 and $900,000. The remaining 4% of sales were over $900,000.

If you are planning to buy a home, it is more important than ever to be pre-qualified with a lender before looking at houses, as many homes go into contract quickly after entering the market. Contact me if you would like to take a deeper look into the market conditions of any neighborhood in our region.

Christy Klingler. Realtor