Market Report – Inventory and Percent of Sales – Reno/Sparks
As of March 2nd, there were 522 single family homes available for purchase, a sharp 17% decrease from the prior month. A strong economy and record low interest rates on mortgages are the major contributors to the continued demand. More than half of the available homes are priced under $600,000.
For homes priced under $300,000, we have a remarkable 6 days of inventory, and for homes in the range of $300,000 to $600,000, inventory is only 22 days. While the extremely low inventory is a challenge for buyers, it’s a very good time to sell a home in either of these price ranges.
Inventory of homes priced from $600,000 to $900,000 is 2.2 months, and the $900,000 to $1,500,000 price range is about 4 months. All of these price ranges are firmly in a Seller’s Market. For homes priced over $1,500,000, we have a 6.7 month supply. 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 up by 25% over this time last year. Eighty-five percent of year-to-date home sales in Reno/Sparks have been under $600,000. Eleven percent of sales have been between $600,000 and $900,000, and about 4% of sales have been over $900,000.
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.
Christy Klingler. Realtor
