Market Report – Reno/Sparks Inventory as of April 30th
Our local housing market through April 30th showed continued strong demand with a slight improvement in inventory. Here are the latest statistics for the single-family homes in the Reno/Sparks area.
As of May 3, 2021, there were 251 homes available for purchase which is a welcomed 34% increase over the 187 available homes last month. Despite the monthly increase, inventory is still down significantly from this time last year; down by 66 percent. 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 nearly 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 4.5 days of inventory in Reno/Sparks, and for homes in the range of $400,000 to $700,000, inventory is 14 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 21 days
- The $1,000,000 to $1,500,000 price range is 32 days
- For homes priced over $1,500,000, we have a 2.9 month supply
A five to six month supply of homes historically represents a balanced market, where neither buyers nor sellers have a distinct advantage. Sellers typically have a greater negotiation advantage when the supply of inventory is low.
There were 1,800 year-to-date home sales at the end of April, 2021. That is a 2% increase from the same period in 2020. We had a decrease in year over year sales during the first three months of 2021, so it is good to see that we have caught up and surpassed the amount of sales we had over this period last year. For year-to-date homes sales at the end of April, 2021, 81.5% of sales in Reno/Sparks were under $700,000; 10.3% of sales were between 700,000 and $1,000,000, and 8.2% 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 estate 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.