Inventory & Percent of Sales Report – January 2020
As of December 31st, there were 817 single family homes available for purchase, a 16% decrease from the prior month. It is the fourth consecutive month of declining inventory and the lowest inventory of available homes since early 2019. About 67% of the available homes are priced under $600,000.
For homes priced under $300,000, we have just 19 days of inventory, and for homes in the range of $300,000 to $600,000, inventory is 42 days. With little competition in the market, it’s a very good time to sell a home in either of these price ranges.
Inventory of homes priced from $600,000 to $900,000 is less than 3 months, and the $900,000 to $1,500,000 price range is about 4 months. All of these price ranges are firmly in a Seller’s Market. For homes priced over $1,500,000, we have an 8 and a half month supply. 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 in 2019 is up by 3.8% compared to the same period in 2018. As of December 31st, 86% of home sales in Reno/Sparks have been under $600,000, and 9% of sales have been between $600,000 and $900,000. About 5% of sales have been over $900,000.
If you want to be in a new home for the new year, the time to list your home for sale or buy a new home is now. If you have any questions about this report or would like to take a deeper look into the market conditions of your neighborhood, please reach out. It would be a pleasure to assist you.