Inventory & Percent of Sales Report – December 2020
Our local housing market is still very strong as we enter into the holiday season. Here are the latest statistics for the single-family home market in the Reno/Sparks area.
As of December 1, 2020, there were 277 homes available for purchase, a remarkable 72 percent decrease from this time last year. The persistent low inventory represents a very real challenge for buyers, but also makes it an extremely good time to sell a home with little competition and multiple offers being received on many listings.
Months or Days of Inventory is typically how REALTORS refer to the amount of time it would take to sell all existing homes for sale if no additional homes entered the market. For homes priced under $300,000, we have 5 days of inventory in Reno/Sparks, and for homes in the range of $300,000 to $600,000, inventory is only 8 days.
Inventory of homes priced from $600,000 to $900,000 is also low at 1.2 months, and the $900,000 to $1,500,000 price range inventory is at a record low for the year at 2 months. For homes priced over $1,500,000, we have a 4.7 month supply. A five to six month supply of homes historically 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 285 units over the same period last year. 81% of the year-to-date home sales in Reno/Sparks have been under $600,000; 12.9% of sales have been between $600,000 and $900,000, and 6.1% of sales have been over $900,000.
Record low mortgage rates make this an excellent time to enter the market or move up to a home that better meets the needs your current lifestyle. A professional real agent with negotiation expertise is one of your best assets in today’s housing 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.