Reno/Sparks Inventory Report – March 2022

As we enter the second quarter of the year, the busy spring selling season is beginning. We are anticipating strong demand for new to market listings and fast market times. Here is the latest info on the single-family home market in the Reno/Sparks area.

As of April 1st 2022, there were 310 homes available for purchase, which is an increase of 36% from last month. There was also an increase of 66% in standing inventory for the region compared to this time last year, which is good news for anyone looking to purchase a home.

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 6.6 days of standing inventory in Reno/Sparks, and for homes in the range of $400,000 to $700,000, inventory is 11.6 days.

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

  • We have about 1 month 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 1.4 months
  • 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.

 

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 6.6 days of standing inventory in Reno/Sparks, and for homes in the range of $400,000 to $700,000, inventory is 11.6 days.

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

  • We have about 1 month 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 1.4 months
  • 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.

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.