Reno/Sparks Inventory Report – January 2022

Welcome to a new month! Here is the latest info on the single-family home market in the Reno/Sparks area.

As of January 31st 2021, there were 232 homes available for purchase, which is a decrease of about 11.5% from last month. Despite the decrease month-over-month, there was a year-over-year increase in standing inventory of 36.5% for the region. There are two main reasons for the low standing inventory; continued strong demand absorbs most listings quickly; and, we normally have fewer homes entering 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 4.3 days of standing inventory in Reno/Sparks, and for homes in the range of $400,000 to $700,000, inventory is about 9.6 days.

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

  • We have 21.6 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 24.5 days
  • For homes priced over $1,500,000, we have a 2.2 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 January 31st, our region had 354 home sales during the month. That is just slightly less than January, 2020, so we are starting the new year at a brisk sales pace. Breaking down the home sales through the first month of this year, we see that:

  • 72% of sales were under $700,000
  • 16.7% of sales were between 700,000 and $1,000,000, and
  • 11.3% 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.

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