Our local housing market is off to a strong start through the 1st quarter of 2021. Here are the latest statistics for the single-family home market in the Reno/Sparks area.
As of April 1, 2021, there were 187 homes available for purchase which is a significant 74 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 $400,000, we have only 3.5 days of inventory in Reno/Sparks, and for homes in the range of $400,000 to $700,000, inventory is 10 days.
Inventory of homes priced in the mid to upper price ranges is also extraordinarily low:
- The $700,000 to $1,000,000 price range is 22 days
- The $1,000,000 to $1,500,000 price range is 27 days
- For homes priced over $1,500,000, we have a 2.4 month supply.
A five to six month supply of homes historically represents a balanced market, where neither buyers nor sellers have a distinct advantage.
There were 1,220 year-to-date home sales at the end of March, 2021. That is an 11.1% decrease from the 1,373 sales during the same period in 2020. For year-to-date homes sales at the end of March, 2021, 81.5% of sales in Reno/Sparks were under $700,000; 10.5% of sales were between 700,000 and $1,000,000, and 8% of sales were over $1,000,000.
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 to one of our expert agents. It would be a pleasure to assist you