Let’s take a look at the existing housing inventory and sales statistics by price range for the Reno-Sparks area, as of February 27th.
Local housing inventory and affordability have been main topics of conversation in the real estate industry and in the media for a while now. The good news is, as of the end of February overall inventory was up 14.2% year-over-year. Inventory was higher for almost every price range compared to this time last year. The most notable changes occurred in the $300,001 – $600,000 and over 1.5 million price ranges where 24% and 31% increases in availability were seen respectively.
When we look at absorption by price range, we still see a strong seller’s market in homes priced below $600,000. For homes priced below $300,000 there is currently 25 days of inventory emphasizing the need for more affordable homes in our market. For homes in the range of $300,001-$600,000, available inventory is 55 days, or about 1.8 months. The exceptionally low inventory in these price ranges means it is a great time to sell with little competion, and consider moving up to a higher priced home, where inventory is more available.
In the price range from $600,001 to $900,000, a shift towards a more healthy market was seen with an inventory of almost 5 months. In the territory above that price range, the market currently tends to favor the buyer. The months of inventory sits at 9.4 months for properties in the $900,000 to $1,500,000 range. For homes priced over $1,500,000, we have seen a dramatic increase in inventory since the beginning of 2016; currently with nearly a 4 YEAR supply.
It is good to remember that The National Association of REALTORS considers 5 to 6 months of inventory a healthy market, where neither buyers nor sellers have a distinct advantage.
As we begin another calendar year, it’s a good time to look at the Percentage of Sales by price range. Over 92% of all sales this year have been under $600,000, with 53.8% of sales occurring below $300,000. 38.8% of sales occurred between $300,000 and $600,000. Only 5.7% of sales this year have been between $600,000 and $900,000. The remaining 1.7% of sales were over $900,000.
The supply-demand equation continues to drive home prices up in the most affordable price ranges below $600,000. However, the pace of price increases is beginning to temper, and often depends on the neighborhood or area of town. Whether you are considering a move to downsize or to move up, now is a great time to speak with a Dickson Realty agent to discuss your options.
At Dickson Realty, our professional real estate experts have the tools, training and award-winning technology to stay on top of the market. That will help you buy or sell at the right price.
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.
Dickson Realty Market News March 6, 2017 from Dickson Realty on Vimeo.
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