Using the Reno/Sparks Association of Realtors calculations for available inventory, there was a solid three months’ supply of inventory at the beginning of June. 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 29th, we will see low levels of inventory, especially in the under $300,000 price range. For homes priced $10,000-$300,000 there are 31 DAYS of inventory, increasing this variable to almost exactly one month. For homes in the range of $301,000-$600,000, inventory is just 74 days, right around the 2 ½ month mark. 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 June 29th. Exactly 65.4% of all closed sales since January 2015 have been in the under $300,000 price range. The number of sales under $300,000, 2,204 sales this year to date, is nearly two times the number of sales in all other price ranges combined. The updated statistics indicate 29.6% of all closed sales were in the $301,000-$600,000 range; while 3.3% of closings (111 homes) were for properties priced $601,000 to $900,000. Only 1.7% 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.