Housing Inventory Rises Again

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

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

Inventory of homes for sale increased slightly again in September providing additional relief for buyers. As of October 1st, there were 1,567 homes and condos available for purchase, which is a 10% increase from August and a 50% increase from this time last year. Seventy-six percent of available homes are priced under $600,000.

For homes priced under $300,000, we have 41 days of inventory, and for homes in the range of $300,000-$600,000, inventory is just over 2.5 months. If you own a home in either of these price ranges, it is still a very good time to sell with little competition in the marketplace. Homes priced from $600 to $900,000 and $900 to $1,500,000 represent the two most balanced price ranges with 4.7 and 6 months of inventory, respectively. For homes priced over $1,500,000, we have a 15-month supply (a year ago, supply in this price range was 2.5 years). A five to six month supply of homes represents a balanced market, where neither buyers nor sellers have a distinct advantage.

The total number of home sales this year is down by 10% from this time last year. Nearly 89% of year-to-date home sales in Reno/Sparks have been under $600,000, and 7% of sales have been between $600,000 and $900,000. Only 4% of sales have been over $900,000.

If you would like to take a deeper look into the market conditions of your neighborhood, let me know. I would be happy to give you any information you need.

Christy Klingler. Realtor