Let’s take a look at the existing housing inventory and sales statistics by price range for the Reno-Sparks area.
In the real estate industry, we’ve been talking about low levels of inventory for many months now. But what does that mean? As we have moved into 2016, we have broken down the Months of Inventory by price range, and are only looking at homes that are Active and Available as of January 31st. For homes priced below $300,000 there is less than one month of inventory at just 25 DAYS! For homes in the range of $300,001-$600,000, inventory is just 56 days, or just under two months. These price ranges, which make up 95% of the sales in our region, have been in a very strong seller’s market for many months now.
However, in the price ranges above $900,000 we have a greater inventory of available homes, and with that we see a shift to more of a buyer’s market. It’s good to note that the National Association of Realtors looks for 5 – 6 months of inventory in a balanced market, where neither seller’s nor buyer’s have a distinct advantage.
If you’re in the market to purchase a home in the under $600,000 price ranges, you will want to work closely with your Dickson Realty agent and your lender to give you the best chance of having your purchase offer accepted by a seller. If you’re not currently working with a lender, please contact an Eagle Home Mortgage representative, located next to our Dickson Realty offices in Caughlin Ranch, Damonte Ranch and Sparks.
If you are selling in these price ranges, a Dickson Realty agent can help you price your home correctly for a quick sale, prepare for the possibility of multiple offers and help you negotiate the best deal on the sale of your home.
As we roll into 2016, now is a perfect time to also look at the percent of sales for the month of January and how it will begin to adjust throughout the year. Nearly 95 percent of sales since the beginning of 2015 have been in the price ranges under $600,000!
Increased values in our region are putting more sellers in a positive equity position. This may be you, and if you are ready to move, whether downsizing or moving up, now is the time to speak with a Dickson Realty agent.
At Dickson Realty, our agents have the tools, training 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, to make an informed decision. We’ve been assisting buyers and sellers in northern Nevada for over 40 years, and we would enjoy helping you.