Reno/Sparks Inventory Report – December 2021

Here is the latest info on the single-family home market in the Reno/Sparks area.

As of January 3rd 2021, there were 262 homes available for purchase, which is a decrease of about 33% from last month. Despite the decrease month-over-month, there was a year-over-year increase in standing inventory of 29% for the region. There are two main reasons for the low inventory; continued strong demand for new listings; and, we normally expect fewer homes on the market during the winter months of the year.

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 3.5 days of standing inventory in Reno/Sparks, and for homes in the range of $400,000 to $700,000, inventory is about 11 days.

For inventory of homes priced in the mid to upper price ranges:

  • We have 23.7 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 1.3 months
  • For homes priced over $1,500,000, we have a 2.3 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 December 2021, we had 6,450 home sales for the 2021 year. That is a 2.7% decrease from the 6,632 sold in the same period last year. Breaking down the home sales this year, we see that:

  • 78.2% of sales were under $700,000
  • 12.8% of sales were between 700,000 and $1,000,000, and
  • 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.

Visit www.DicksonRealty.com for more market news and statistics in Reno, Sparks, Truckee, Lake Tahoe, Plumas and Eastern Sierra County.