Reno/Sparks Inventory Report – November 2021
Here is the latest info on the single-family home market in the Reno/Sparks area.
As of November 29th 2021, there were 392 homes available for purchase, which is a decrease of 24% from last month. Despite the decrease month-over-month, there was a significant increase of 42% compared to the number of 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 standing inventory that we are seeing today, but we are seeing some stabilization as we head into the holidays and winter months.
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 3.8 days of standing inventory in Reno/Sparks, and for homes in the range of $400,000 to $700,000, inventory is 18 days.
For inventory of homes priced in the mid to upper price ranges:
- We have 1.4 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 1.9 months
- For homes priced over $1,500,000, we have a 2.8 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 November 2021, we’ve had 5,887 home sales year-to-date. That is a 3% decrease from the 6,078 sold in the same period last year. Breaking down the home sales this year, we see that:
- 78.4% of sales were under $700,000
- 12.5% of sales were between 700,000 and $1,000,000, and
- About 9.1% 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.