Here’s what you need to know about the Reno/Sparks real estate market, from the experts at Dickson Realty.
Inventory of homes for sale increased slightly in October providing additional relief for buyers. As of October 29th, there were 1,588 homes and condos available for purchase, which is a 1% increase from the beginning of September and a 60% increase from this time last year. Seventy-seven percent of available homes are priced under $600,000.
For homes priced under $300,000, we have 1.7 months of inventory, and for homes in the range of $300,000-$600,000, inventory is 2.7 months. If you own a home in either of these price ranges, it is still a very good time to sell with little competition in the marketplace. Homes priced from $600 to $900,000 and $900 to $1,500,000 represent the two most balanced price ranges with 4.3 and 5.8 months of inventory, respectively. For homes priced over $1,500,000, we have a 15-month supply (a year ago, supply in this price range was 2 years). A five to six month supply of homes represents a balanced market, where neither buyers nor sellers have a distinct advantage.
The total number of home sales this year is down by 11% from this time last year. Over 88% of year-to-date home sales in Reno/Sparks have been under $600,000, and 7% of sales have been between $600,000 and $900,000. Slightly more than 4% of sales have been over $900,000.
If you would like to take a deeper look into the market conditions of your neighborhood, contact your Dickson Realty agent today.