Today we’re talking about the existing housing inventory and sales statistics by price range for the Reno-Sparks area.
Using the Reno/Sparks Association of Realtors calculations for available inventory, there was 3.2 months supply of inventory at the end July. This includes all active statuses; Active and Available plus active/pending (or in contract / in escrow). We like to look at only Active and Available, which are properties available to purchase and make an offer on.
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 3, then we see even lower levels of inventory, especially in the under $300,000 price range. For homes priced $10,000-$300,000 there are about 44 DAYS of inventory. For homes in the range of $301,000-$600,000, inventory is just 80 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.
If you’re in the market to purchase a home in these 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 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 through July 31st. There were fewer home sales in the $10,000-$300,000 price range, indicating an increase in the percent of sales for more highly priced homes. The percent of sales for $300,001-$600,000 increased by 17% since the end of June, indicating growth in that price range. This makes sense as prices continue to rise in our region. Overall, there was an 18% increase for sales priced above $600,000 from the end of June, which is a great sign for mid and higher-end home owners in the Reno/Sparks area.
What are the reasons for our continued inventory shortage, especially in the lower price ranges? There are many first time homebuyers. Competing in the first time buyer price ranges are investors, who are using their capital reserves to pay cash. In some cases, these cash buyers pay over asking price and further drive prices up.
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. Check out our website or download our mobile app. You can also connect with us on Facebook, Twitter, and LinkedIn.
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.
