Today we’re talking about the existing housing inventory and sales statistics by price range for the Reno-Sparks area as of August 31st.
If we break down the Months of Inventory by price range, and only look at the homes that are Active and Available as of August 31, we can get a good picture of how tight the inventory is, especially in the under $300,000 price range. For homes priced $10,000-$300,000 there are only 35 DAYS of inventory. For homes in the range of $301,000-$600,000, inventory is just 82 days, or just around 2.7 months. Although inventory has increased slightly since the Spring months, these two price ranges have been in a very strong seller’s market for many months now. The National Association of Realtors considers a “healthy market”, where it is neither a Seller or Buyer market, to be one with 5 to 6 months of inventory.
If you’re in the market to purchase a home in the price ranges below $600,000, you will want to work closely with your Dickson agent and your lender to give you the best chance of having your purchase offer accepted by a seller.
If you are selling in these price ranges, your Dickson Realty agent can help you prepare for the possibility of multiple offers and can help you negotiate the best deal on the sale of your home.
Now let’s look at sales as of August 31st. The largest percentage of sales for homes, by far, is in the under $300,000 range, with nearly 64% of all sales in Reno-Sparks since the beginning of the year. The price range with the second highest number of sales is the $301,000 to $600,000 range, with nearly 31% of all sales. This is not surprising news, given the strong demand and short supply of homes in these price ranges. As sales price climbs, we see that the market softens slightly, with only 84 sales this year over $900,000.
There are several factors contributing to our continued inventory shortage, and we predict that these reasons will not disappear in the near term:
- The economy continues to improve, with more companies moving into the region.
- There are new jobs being created every day.
- There are many first time homebuyers entering the market.
- Interest rates remain very low.
The good news is the inventory shortage continues to drive higher median prices. Increased values are putting more sellers in a positive equity position. This may be you, and if you are ready to move, the time may be right to talk to a Dickson Realty neighborhood expert.
At Dickson Realty, our agents have the tools and technology to stay on top of the market. That will help you buy or sell at the right price.
You can trust the experts at Dickson Realty to get you the information you need, when you need it. We’ve been assisting buyers and sellers in northern Nevada for over 40 years. We’d love to help you too.
