As of January 31st, there were 632 single family homes available for purchase, a whopping 23% decrease from the prior month and 36% decrease from this time last year. About 60% of the available homes are priced under $600,000.
For homes priced under $300,000, we have just 12 days of inventory, and for homes in the range of $300,000 to $600,000, inventory is 29 days. The extremely low inventory is a challenge for buyers, but with little competition in the market, it’s a very good time to sell a home in these price ranges.
Inventory of homes priced from $600,000 to $900,000 is 2.5 months, and the $900,000 to $1,500,000 price range is about 4 months. All of these price ranges are firmly in a Seller’s Market. For homes priced over $1,500,000, we have a 7 and a half month supply. A five to six month supply of homes represents a balanced market, where neither buyers nor sellers have a distinct advantage.
Although we are in what’s considered by many as the winter “slow-season”, the number of home sales this year is up by 16% over this time last year. Eighty-three percent of year-to-date home sales in Reno/Sparks have been under $600,000. Thirteen percent of sales have been between $600,000 and $900,000, and about 4% of sales have been over $900,000.
If you have any questions about this report or would like to take a deeper look into the market conditions of your neighborhood, please reach out. It would be a pleasure to assist you.