According to a report that was just released by the Reno-Sparks Association of REALTORS® there is only 2.3 months of available inventory in Sparks and 4.1 months in Spanish Springs. Anything below 6 months of inventory signals a seller’s market. So what can buyers actually get in Sparks and Spanish Springs for their money?
The data shows the following:
- The majority of the homes for sale currently are regular equity sales. Very few short sales and bank properties are available for sale.
- Under $200,000 buyers will be looking at older homes with possibly only 1 bath and 1 car garage.
- New homes (less than 10 years old) are more readily available in the higher price points.
- Using a skilled buyer’s agent is key in a seller’s market. Sellers are looking for the highest and best offer and a good buyer’s agent will work with you on strategies to assist you in getting the property you want.
The following graph shows what you can buy by price point, how many homes are for sale and how many of them are short sales or bank properties. This data is from the Northern Nevada Regional MLS as of 7-15-2014 for single family stick built homes in Sparks and Spanish Springs.
|Price Range||# For Sale||Beds||Baths||Garage||Size||Age||Short||Bank||(Averages)|
|$500,000 and up||27||4||3||4||4077||1997||1||0|