Our local housing market is hot, right along with the end of the summer weather. Here are the latest statistics for the single-family home market in the Reno/Sparks area:
Days or Months of Inventory is the amount of time it would take to exhaust all available homes for sale if no additional homes came into the market. For homes priced under $300,000, we have a remarkable 8.5 days of inventory, and for homes in the range of $300,000 to $600,000, inventory is only 15 days. While the low inventory represents a very real challenge for buyers, now is an extremely good time to sell a home in either of these price ranges, with multiple offers being received on many listings.
Inventory of homes priced from $600,000 to $900,000 is also fairly low at 2.6 months, and the $900,000 to $1,500,000 price range inventory is at a record low for the year at 3.3 months. For homes priced over $1,500,000, we have a 7.6 month supply. A five to six month supply of homes represents a balanced market, where neither buyers nor sellers have a distinct advantage.
The number of home sales so far this year is down only 69 units from this time last year. This is mainly due to the restricted inventory levels and not due to lower demand. 82.6% of the year-to-date home sales in Reno/Sparks have been under $600,000. 12% of sales have been between $600,000 and $900,000, and 5.4% of sales have been over $900,000.