Sales Up 2% Over Last Year… Low Inventory Continues

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

Here’s the latest information about the Reno/Sparks real estate market, from the experts at Dickson Realty.

Our local housing market continues to weather the COVID-19 storm. People still need to buy and sell homes, and with proper preparation for showing homes in-person, we are usually able to find a way to help our clients. Each buyer or seller must evaluate what is best for them, and as your trusted advisors, we can help explore your options. The only properties we cannot show are those occupied by tenants.
Here’s the latest information about single-family homes in the Reno/Sparks real estate market:

The number of home sales this year is up 2% over this time last year. Eighty-four 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 4.4% of sales have been over $900,000.

For homes priced under $300,000, we have a remarkable 9.5 days of inventory, and for homes in the range of $300,000 to $600,000, inventory is only 34 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 3 months, and the $900,000 to $1,500,000 price range is about 4.6 months. All of these price ranges are firmly in a Seller’s Market. For homes priced over $1,500,000, we have a 7.5 month supply. A five to six month supply of homes represents a balanced market, where neither buyers nor sellers have a distinct advantage.