Reno/Sparks Inventory Report – August 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 September 1st 2021, there were 482 homes available for purchase, which is an increase of 16% over last month and the sixth consecutive month of increased inventory. This also marks the first month with a year-over-year increase in inventory since July of 2019. It increased by 4.3% compared to September 2020. Demand for homes that are coming to market is one of the biggest causes for the low inventory numbers that we are seeing today, but the market is starting to stabilize a little as the demand is satisfied.
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 6.8 days of inventory in Reno/Sparks, and for homes in the range of $400,000 to $700,000, inventory is about 23 days.
For inventory of homes priced in the mid to upper price ranges:
- We have nearly 1.5 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 nearly 2.1 months
- For homes priced over $1,500,000, we have a 3.9 month supply
A five to six month supply of homes historically represents a balanced market, where neither buyers nor sellers have an advantage. Sellers typically have a greater negotiation advantage when the supply of inventory is low.
As of the end of August 2021, we’ve had 4,171 home sales year-to-date. That is about the same as the 4,143 sold in the same period last year. Breaking down the home sales this year, we see that:
- 78.9% of sales were under $700,000
- 12.4% of sales were between 700,000 and $1,000,000, and
- About 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.