Market Report – Inventory and Percent of Sales – Reno/Sparks
Our local housing market continues to weather the storm. People still need and still want to buy and sell homes. 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 to prospective buyers are those occupied by tenants.
Here’s the latest information about single-family homes in the Reno/Sparks real estate market:
For homes priced under $300,000, we have a remarkable 11.5 days of inventory, and for homes in the range of $300,000 to $600,000, inventory is only 31 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 inventory is 6 months. For homes priced over $1,500,000, we have an 11 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 so far this year is down by 223 units, or 9%, from May of last year. Eighty-five percent of the year-to-date home sales in Reno/Sparks have been under $600,000. Ten percent of sales have been between $600,000 and $900,000, and five percent 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
