Let’s take a look at the existing housing inventory and sales statistics by price range for the Reno-Sparks area, as of June 27th.
We have been reporting on the low levels of local housing inventory for many months. In June, we had a slight increase in available homes for sale in nearly every price bracket. However, in the price ranges where 95% of sales occur, demand is still very high, while supply is very low. 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 an exceptional seller’s market in homes priced $600,000 and below. For homes priced below $300,000 there is just over one month of inventory at 32 DAYS! For homes in the range of $300,001-$600,000, inventory has increased to just over 3 months, but remains in Seller’s Market territory. Both of these price ranges have had increases in Months of Inventory since March, but the increase is not indicative of a slowdown in sales activity.
In the price ranges above $600,000 we have a greater inventory of available homes, and with that we see a shift toward more of a buyer’s market. The months of inventory grew to over 8 months for properties in the $600,001 to $900,000 range, while in the price range $900,000 to $1,500,000, the months of inventory declined slightly from over 14.5 months to June’s 13.6 months. For homes priced over $1,500,000, we have seen a dramatic increase in inventory since the beginning of the year, currently with nearly a 44-month supply.
If you are in the market to buy 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, your Dickson Realty agent can help you price your home correctly and help you negotiate the best deal on the sale of your home.
As we approach the peak of the Summer selling season, now is a good time to look at the Percent of Sales by price range. Ninety-five percent of all sales since the beginning of this year have been in the price ranges under $600,000, with over 57% of sales occurring below $300,000 and over 37% of sales occurring between $300 and $600,000.
Increased values are putting more sellers in a positive equity position, while the supply-demand equation continues to drive home prices up at a healthy pace. If you own a home valued under $600,000, and you are thinking about your next move, this is a time when you can get a premium price for your home. You can likely purchase a home in one of the higher price brackets, where there is greater inventory, at a very competitive price. Whether downsizing or moving up, now is the time to speak with a Dickson Realty agent.
Dickson Realty is ranked the number one real estate company in the Reno-Tahoe region. We’ve been assisting home buyers and sellers for over 40 years. Call one of our offices or your Dickson Realty agent today.
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