Reno/Sparks Inventory Report – October 2021
We have good news for home buyers in our region. Keep reading for the latest info on the single-family home market in the Reno/Sparks area.
As of November 1st 2021, there were 516 homes available for purchase, which is a slight decrease of 4.6% over last month. Despite the decrease month-over-month, there was a significant increase of almost 50% compared to the 347 homes available at this same time last year. Demand for homes that are coming to market is one of the biggest causes for the low inventory that we are seeing today, but we are seeing some stabilization 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 5.9 days of standing inventory in Reno/Sparks, and for homes in the range of $400,000 to $700,000, inventory is about 25 days.
For inventory of homes priced in the mid to upper price ranges:
- We have 1.6 months 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 2.5 months
- For homes priced over $1,500,000, we have a 3.7 month supply
Sellers typically have a greater negotiation advantage when the supply of inventory is low. A five to six month supply of homes historically represents a balanced market, where neither buyers nor sellers have an advantage.
As of the end of October 2021, we’ve had 5,359 home sales year-to-date. That is a 2% decrease from the 5,472 sold in the same period last year. Breaking down the home sales this year, we see that:
- 78.3% of sales were under $700,000
- 12.7% of sales were between 700,000 and $1,000,000, and
- About 9% 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.