Inventory & Percent of Sales Report – October 2020
Our local housing market is still going strong as we enter into this fall season. Here are the latest statistics for the single-family home market in the Reno/Sparks area:
Days or Months of Inventory is the amount of time it would take to exhaust all available homes for sale if no additional homes came into the market. For homes priced under $300,000, we have a remarkable 7.5 days of inventory, and for homes in the range of $300,000 to $600,000, inventory is only 13 days. While the low inventory represents a very real challenge for buyers, now is an extremely good time to sell a home in either of these price ranges, with little competition and multiple offers being received on many listings.
Inventory of homes priced from $600,000 to $900,000 is also low at 2.1 months, and the $900,000 to $1,500,000 price range inventory is at a record low for the year at 3.2 months. For homes priced over $1,500,000, we have a 6.6 month supply. A five to six month supply of homes represents a balanced market, where neither buyers nor sellers have a distinct advantage.
The number of home sales so far this year is up by 35 units over this time last year. Eighty-two percent of the year-to-date home sales in Reno/Sparks have been under $600,000; 12.2% of sales have been between $600,000 and $900,000, and 5.6% of sales have been over $900,000.
Don’t let the competitive marketplace scare you away from making a move. Record low mortgage rates make this an excellent time to enter the market or move up to a home that better meets your current lifestyle. A seasoned agent with negotiation expertise is one of your best assets in today’s real estate market.
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.