Reno/Sparks Inventory Report - February 2022
Welcome to March, and spring is just around the corner! Here is the latest info on the single-family home market in the Reno/Sparks area. As of February 28th 2021, there were 228 homes available for purchase, which is a decrease of about 1.7% from last month. Despite the small decrease month-over-month, there was a year-over-year increase of 20% in standing inventory for the region. There are two main reasons for the low standing inventory; continued strong demand absorbs most listings quickly; and, we normally have fewer homes entering the market during the winter months of the year. Heading into spring, we anticipate more listings coming into the market.
Months or Days of Inventory is typically how REALTORS refer to the amount of time it would take to sell all existing homes for sale if no additional homes entered the market. For homes priced under $400,000, we have 4.7 days of standing inventory in Reno/Sparks, and for homes in the range of $400,000 to $700,000, inventory is about 10 days.
For inventory of homes priced in the mid to upper price ranges:
- We have 22.8 days of inventory in the $700,000 to $1,000,000 price range
- Inventory in the $1,000,000 to $1,500,000 price range is 22.7 days
- For homes priced over $1,500,000, we have a 1.5 month supply
As of February 28th, our region has had 733 home sales so far this year. That is just slightly less than where we were February 2021, so we are starting the new year at a brisk sales pace. Breaking down the home sales through the first two months of this year, we see that:
- 72.8% of sales were under $700,000
- 16.9% of sales were between 700,000 and $1,000,000, and
- 10.3% of sales were over $1,000,000
Visit www.DicksonRealty.com for more market news and statistics in Reno, Sparks, Truckee, Lake Tahoe, Plumas and Eastern Sierra County.
Featured Homes for Sale in Reno, Nevada – March 2nd, 2022
