Today we’re talking about the existing housing inventory and sales statistics by price range for the Reno-Sparks area.
Dickson Realty Market News June 4, 2015 from Dickson Realty on Vimeo.
Using the Reno/Sparks Association of Realtors calculations for available inventory, there was 2.9 months supply of inventory at the end April. 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 June 1st, 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 only 24 DAYS of inventory. For homes in the range of $301,000-$600,000, inventory is just 72 days, or just over 2 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 May 31st. 66% of all closed sales since January 2015 have been in the under $300,000 price range! The number of sales under $300,000 (1,807 sales year to date) is nearly two times the number of sales in all other price ranges combined. 28% of all closed sales were in the $301,000-$600,000 range; while 3.4% of closings (94 homes) were for properties priced $601,000 to $900,000. And, only 1.6% of sales, or 43 homes, were priced over $900,000.
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.
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.
