Reno/Sparks Inventory Report – July 2021
Our local housing market has good news for buyers with another monthly increase in inventory to help meet the sustained high demand. Here are the latest statistics for the single-family home market in the Reno/Sparks area.
As of July 1, 2021, there were 299 homes available for purchase which is an increase of nearly 12% over last month. Although inventory is down 54% compared to June of 2020, today’s low inventory numbers don’t necessarily mean fewer homes are being listed or sold. We actually have more sales this year than last year at this time. Demand for the homes that are coming to market is one of the biggest causes for the low inventory numbers that we are seeing.
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 5 days of inventory in Reno/Sparks, and for homes in the range of $400,000 to $700,000, inventory is 13 days.
For inventory of homes priced in the mid to upper price ranges:
- We have about 36 days of inventory in the $700,000 to $1,000,000 price range
- Inventory in the $1,000,000 to $1,500,000 price range is 38.5 days
- For homes priced over $1,500,000, we have a 2.2 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.
We’ve had 2,991 year-to-date home sales as of the end of June, 2021. That is a 9.4% increase from the same period in 2020. Breaking down the home sales this year, we see that:
- 80% of sales were under $700,000
- 11.3% of sales were between 700,000 and $1,000,000, and
- 8.7% 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 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.