In the Reno-Sparks market new listings in June were down from 3.7% from May and down 10.7% from June 2017. In 2017 the Spring/Summer influx of new listings peaked in June at 752 new listing and then tapered off for the balance of the year. With fewer listings coming onto the market we should continue to see strong demand for the homes that are listed through the end of the year. If you are considering selling the Shocket Team can help you navigate the market. Reno-SparksRealEstate.com
If you are debating whether or not to list 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 current lack of inventory:
“Inventory coming onto the market during this year’s spring buying season – as evidenced again by last month’s weak reading – was not even close to being enough to satisfy demand.
That is why home prices keep outpacing incomes and listings are going under contract in less than a month – and much faster – in many parts of the country.”
The latest Existing Home Sales Report shows that there is currently a 4.1-month supply of homes for sale. This remains lower than the 6-month supply necessary for a normal market, and 6.1% lower than last year’s inventory level.
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 to discuss the supply conditions in our neighborhood so that we can assist you in gaining access to the buyers who are ready, willing, and able to buy right now!