In the real estate industry, we’ve been talking about low levels of inventory for many months now. 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 a strong seller’s market in homes priced below $600,000. For homes priced below $300,000 there is less than one month of inventory at just 23 DAYS! For homes in the range of $300,001-$600,000, inventory is just 56 days, or just under two months. These price ranges make up 95% of the sales in our region.

However, in the price ranges above $600,000 we have a greater inventory of available homes, and with that, we see a shift to more of a buyer’s market. The months of inventory for properties in the $600,001 to $900,000 range sits right at 5.0 months. In the price range $900,000 to $1,500,000, the trend continues to 9.6 months. And, for homes priced over $1,500,000, we have a 28 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 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, I can help you price your home correctly and help negotiate the best deal on the sale of your home.