Let's take a look at the existing housing inventory and sales statistics by price range for the Reno-Sparks area, as of May 31, 2016.

We have been reporting on the low levels of local housing inventory for many months. In May, we had a slight increase in available homes for sale in nearly every price bracket. However, in the price ranges where 95% of sales occur, demand is still 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 25 DAYS! For homes in the range of $300,001-$600,000, inventory has increased to just over 3 months, but remains in Seller’s Market territory.

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 grew to 7 months for properties in the $600,001 to $900,000 range. In the price range $900,000 to $1,500,000, the months of inventory continued its multi-month increase and Is now over 14 months. For homes priced over $1,500,000, we have seen a dramatic increase in inventory since the beginning of the year, currently with a 43-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 me and your lender to give you the best chance of having a 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.

As we approach the active Summer selling season, now is a good time to look at the Percent of Sales by price range. Ninety-five percent of all sales since the beginning of 2015 have been in the price ranges under $600,000, with 62% of sales occurring below $300,000 and just over 33% of sales occurring between $300 and $600,000.

Increased values and strong demand are putting more sellers in a positive equity position, while the supply-demand equation continues to drive home prices up at a healthy pace. If you own a home valued under $600,000, 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, you can likely purchase that home, where there is greater inventory, at a very competitive price. Whether downsizing or moving up, now is a good time for us to discuss your options.

At Dickson Realty, we have the tools, training and technology to stay on top of the market. That, combined with my experience, can help you buy or sell at the right price.

To learn more about these statistics, or to find out what your home is worth in today's market, please contact me.

I have been helping families buy and sell homes in the Reno/Sparks area for over 18 years.  It is vital that you have a solid, well respected, and seasoned Realtor on your team when you are looking to buy or sell a home. Please call me today and let's have a conversation about the market and how you can take advantage of our increasing values and low interest rates.

Contact me for all of your Real Estate needs at 775-762-7653 or move2reno@gmail.com.

Best,