Inventory & Percent of Sales Report – January 2021
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 29, 2020, there were 203 homes available for purchase, a remarkable 75 percent decrease from this time last year. The persistent low inventory represents a challenge for buyers, but also makes it an extremely good time to sell a home with little competition in almost every price range.
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 only 2 days of inventory in Reno/Sparks, and for homes in the range of $300,000 to $600,000, inventory is 4.5 days.
Inventory of homes priced in the mid to upper price ranges is historically low:
-The $600,000 to $900,000 price range is 29.5 days
-The $900,000 to $1,500,000 price range is 40 days or 1.3 months
-For homes priced over $1,500,000, we have a 4.1 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 total number of home sales so far this year is up by 318 units over the same period last year. Over 80% of the year-to-date home sales in Reno/Sparks have been under $600,000; 13.1% of sales have been between $600,000 and $900,000, and 6.4% 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 of 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.