Let’s take a look at the existing housing inventory and sales statistics by price range for the Reno-Sparks area, as of March 28, 2016.
In the real estate industry, we’ve been talking about low levels of inventory for many months now. But what does that mean? The National Association of REALTORS considers 5 to 6 months of inventory a healthy market, where neither buyers nor sellers have a distinct advantage. We have studied our Reno/Sparks housing market by price range, and see a strong seller’s market in homes priced at $600,000 and below. For homes priced below $300,000 there is less than one month of inventory at just 23 DAYS! For homes in the range of $300,001-$600,000, inventory is just 60 days, right at two months. These price ranges make up roughly 95% of the sales in our region.
However, in the price ranges above $600,000 we have a greater inventory of available homes, and with that we see a shift to more of a buyer’s market. The months of inventory for properties in the $600,001 to $900,000 range currently resides at 5.4 months. In the price range $900,000 to $1,500,000, the months of inventory stayed even with that of February at 9.6 months. And, for homes priced over $1,500,000, we have just over a 30 month supply.
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 are selling in these price ranges, a Dickson Realty agent can help you price your home correctly, prepare for the possibility of multiple offers and help you negotiate the best deal on the sale of your home.
As we move into the more active Spring selling season, now is a good time to look at the Percent of Sales by price range. Nearly 95 percent of sales since the beginning of 2015 have been in the price ranges under $600,000, with nearly 63% of sales occurring below $300,000 and just over 32% of sales occurring between $300 and $600,000.
Increased values and strong demand 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!
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