Let’s take a look at the existing housing inventory and sales statistics by price range for the Reno-Sparks area, as of April 25, 2016.
We’ve been discussing the low levels of housing inventory for many months now. In the price ranges where 95% of sales occur, demand is very high, while supply is very low. But what does that mean? The National Association of REALTORS considers 5 to 6 months of inventory a healthy market, where neither buyers nor sellers have a distinct advantage. We have studied our Reno/Sparks housing market by price range, and see an exceptional seller’s market in homes priced $600,000 and below. For homes priced below $300,000 there is less than one month of inventory at just 26 DAYS! For homes in the range of $300,001-$600,000, inventory is just 75 days, or about 2.5 months.
In the price ranges above $600,000 we have a greater inventory of available homes, and with that we see a shift toward more of a buyer’s market. The months of inventory for properties in the $600,001 to $900,000 range currently resides at 6.2 months. In the price range $900,000 to $1,500,000, the months of inventory climbed to a staggering 11.2 months, over a month and a half more than March’s 9.6 months. As for homes priced over $1,500,000, we have seen a four-month increase in inventory with a 34.4-month supply.
If you’re in the market to purchase a home in the under $600,000 price ranges, you will want to work closely with your Dickson Realty agent and your lender to give you the best chance of having your purchase offer accepted by a seller.
If you are selling in these price ranges, a Dickson Realty agent can help you price your home correctly, prepare for the possibility of multiple offers and help you negotiate the best deal on the sale of your home.
As we continue to push through the active Spring selling season, now is a good time to look at the Percent of Sales by price range. Nearly 95 percent of sales since the beginning of 2015 have been in the price ranges under $600,000, with nearly 63% of sales occurring below $300,000 and just over 32% of sales occurring between $300 and $600,000.
Increased values and strong demand in our region are putting more sellers in a positive equity position. If you own a home under $500,000, and you are thinking about your next move, this is the time when you can get a premium price for your home. If your next move might be to a higher price range, it is likely you can purchase that home, where there is more available inventory, at a very competitive price. Whether downsizing or moving up, now is the time to speak with a Dickson Realty agent.
At Dickson Realty, our agents have the tools, training and cutting edge technology to stay on top of the market that will help you buy or sell at the right price.
You can trust the experts at Dickson Realty to provide you with the knowledge you need, when you need it, to make an informed decision. We’ve been assisting buyers and sellers in northern Nevada for over 40 years, and we look forward to providing the advice you need to move you in the right direction.
Dickson Realty Market Trends- Market News April 28, 2016 from Dickson Realty on Vimeo.
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