In the Reno-Sparks market at the end of April there was only 1.9 months supply of inventory and unit sales dipped 8.3% due to lack of supply. Demand is far exceeding the supply of available homes for sale, especially in the under $500,000 price range where there are only 486 active single family home listings as of this morning. If you have considered selling don’t wait – take advantage of the summer selling season by listing now! The Shocket Team can help. Reno-SparksRealEstate.com
If you are debating listing your house for sale this year, here is the #1 reason not to wait!
Buyer Demand Continues to Outpace the Supply of Homes for Sale
The National Association of REALTORS’ (NAR) Chief Economist Lawrence Yun recently commented on the inventory:
“Last month’s dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2 percent, and new and existing inventory is not keeping up with the fast pace homes are coming off the market.
Demand is easily outstripping supply in most of the country and it’s stymieing many prospective buyers from finding a home to purchase”.
The latest ExistingHome Sales Report shows that there is currently a 4.2-month supply of homes for sale. This remains lower than the 6-month supply necessary for a normal market, and 4.6% lower than a year ago.
The chart below details the year-over-year inventory shortages experienced over the last 12 months:
Anything less than a six-month supply is considered a “seller’s market.”
Let’s get together and discuss the supply conditions in your neighborhood to be able to assist you in gaining access to the buyers who are ready, willing and able to buy now!