Let’s take a look at the existing housing inventory and sales statistics by price range for the Reno-Sparks area, as of May 31st.
We have been reporting on the low levels of local housing inventory for many months. In May, we had a slight increase in available homes for sale in nearly every price bracket. However, in the price ranges where 95% of sales occur, demand is still very high, while supply is very low. But what does that mean? The National Association of REALTORS considers 5 to 6 months of inventory a healthy market, where neither buyers nor sellers have a distinct advantage. We have studied our Reno/Sparks housing market by price range, and see an exceptional seller’s market in homes priced $600,000 and below. For homes priced below $300,000 there is less than one month of inventory at just 25 DAYS! For homes in the range of $300,001-$600,000, inventory has increased to just over 3 months, but remains in Seller’s Market territory.
In the price ranges above $600,000 we have a greater inventory of available homes, and with that we see a shift toward more of a buyer’s market. The months of inventory grew to 7 months for properties in the $600,001 to $900,000 range. In the price range $900,000 to $1,500,000, the months of inventory continued its multi-month increase and Is now over 14 months. For homes priced over $1,500,000, we have seen a dramatic increase in inventory since the beginning of the year, currently with a 43-month supply.
If you are in the market to buy a home in the under $600,000 price ranges, you will want to work closely with your Dickson Realty 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, a Dickson Realty agent can help you price your home correctly and help you negotiate the best deal on the sale of your home.
As we approach the active Summer selling season, now is a good time to look at the Percent of Sales by price range. Ninety-five percent of all sales since the beginning of 2015 have been in the price ranges under $600,000, with 62% of sales occurring below $300,000 and just over 33% of sales occurring between $300 and $600,000.
Increased values are putting more sellers in a positive equity position, while the supply-demand equation continues to drive home prices up at a healthy pace. If you own a home under $600,000, and you are thinking about your next move, this is the time when you can get a premium price for your home. If your next move might be to a higher price range, you can likely purchase that home, where there is greater inventory, at a very competitive price. Whether downsizing or moving up, now is the time to speak with a Dickson Realty agent.
At Dickson Realty, our agents have the tools, training and cutting edge technology to stay on top of the market, and that will help you buy or sell at the right price.
Dickson Realty is ranked the number one real estate company in the Reno-Tahoe region. We’ve been assisting home buyers and sellers for over 40 years. Call one of our offices or your Dickson Realty agent today.Thank you to our segment sponsor!
