Inventory & Percent of Sales Report – February 2021
Our local housing market is off to a strong start as we begin this new year. Here are the latest statistics for the single-family home market in the Reno/Sparks area.
As of February 1, 2021, there were 170 homes available for purchase, a remarkable 73 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 also extraordinarily low:
- The $600,000 to $900,000 price range is 20 days
- The $900,000 to $1,500,000 price range is 30 days
- For homes priced over $1,500,000, we have a 3.1 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 in January, 2021 was about even with the number of sales in January, 2020, with 71% of sales in Reno/Sparks under $600,000; 18% of sales between $600,000 and $900,000, and 11% of sales 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 and market expertise is one of your best assets when buying or selling.
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.