Inventory in the Reno-Sparks market is at record lows. We ended 2020 with only 242 active listings of single family homes. Many buyers are really hoping that as we get past the holidays that more sellers will be listing there homes, thus making the fierce competition for homes better.
Let’s look at the inventory that has come onto the market in the first 11 days of the new year.
110 Single Family homes have been listed since 1/1/2021. These listings have a median price of $423,950. Of these 110 listings 33 are already under contact. Of the 33 under contract 29 are under the $500,000 price point. The average days on market for these pending listings is 6 days.
Inventory over the past several months has been mostly absorbed by buyers each month. December saw 306 new listings during the month and ended the month with only 242 active listings. November saw 375 new listings and 356 active listings at the end of the month. October saw 568 new listings and ended the month with only 394 active listings.
The message for sellers continues to be that if you are considering selling it’s a great time to list your home while we are experiencing record low inventory of available homes for sale. On the flip side the message for buyers is that you may face challenges purchasing during these low inventory conditions and it is essential that you are prepared and working with an experienced agent. The Shocket Team has 17 years of experience to assist buyers and sellers to be successful in this market.