Let’s take a look at the existing housing inventory and sales statistics by price range for the Reno-Sparks area.
In the real estate industry, we’ve been talking about low levels of inventory for many months now. But what does that mean? We’ve broken down the Months of Inventory by price range, and are only looking at homes that are Active and Available as of October 31st. For homes priced $10,000-$300,000 there are only 36 DAYS of inventory, which is 2 days less than last month! For homes in the range of $301,000-$600,000, inventory is just 72 days, or just around 2.4 months. Although inventory has increased slightly since earlier in 2015, these two price ranges have been in a very strong seller’s market for many months now. However, in the price ranges above $900,000 we have a greater inventory of available homes, and with that we see a shift to more of a buyer’s market. It’s good to note that the National Association of Realtors looks for 5 - 6 months of inventory in a balanced market, where neither seller’s nor buyer’s have a distinct advantage.
If you’re in the market to purchase a home in the under $600,000 price ranges, 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 agent can help you price your home correctly for a quick sale, prepare for the possibility of multiple offers and help you negotiate the best deal on the sale of your home.
Now let’s look at Year-to-Date Sales through October 31st. Nearly 95 percent of sales this year have been in the price ranges under $600,000! In the month of October, there was a slight percentage decrease of sales for homes in the under $300,000 price range compared to September. There was also a small increase in sales for the $300,001-600,000 price range from September to October. This makes sense as prices continue to rise in our region.
The good news is, these 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 agent.
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, to make an informed decision. We’ve been assisting buyers and sellers in northern Nevada for over 40 years, and we would enjoy helping you.
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