The average number of single family homes sold daily in 2016 in the the Reno-Sparks market was 16.6. There were 6,059 single family homes sold, divided by 365 days. As of the end of March there was 2.4 months supply of inventory under $500,000 and 6.9 months in price ranges over $500,000. ($300,000 and under 1.9 months and $750,000+ the supply jumps to 13.8 months.) A balanced market is 6 months. So under $500,000 you have a very strong sellers market and over $500,000 you have a buyers market. OPPORTUNITY ALERT – If you have a home to sell under $500,000 with equity and can move up to a home priced over $500,000 you can take advantage of the seller’s market on your sale and the buyer’s market on your purchase! Contact the Shocket Team today to take advantage of this opportunity. Reno-SparksRealEstate.com
here are some homeowners that have been waiting for months to get a price they hoped for when they originally listed their house for sale. The only thing they might want to consider is… If it hasn’t sold yet, maybe it’s not priced properly.
After all, 15,014 houses sold yesterday, 15,014 will sell today and 15,014 will sell tomorrow.
That is the average number of homes that sell each and every day in this country, according to the National Association of Realtors’ (NAR) latest Existing Home Sales Report. NAR reported that sales are at an annual rate of 5.48 million. Divide that number by 365 (days in a year) and we can see that, on average, over 15,014 homes sell every day.
The report from NAR also revealed that there is currently only a 3.8-month supply of inventory available for sale, (6-months inventory is considered ‘historically normal’).
This means that there are not enough homes available for sale to satisfy the buyers who are out in the market now in record numbers.
We realize that you want to get the fair market value for your home. However, if it hasn’t sold in today’s active real estate market, perhaps you should reconsider your current asking price.