By now you have all heard that we are in a pretty severe low inventory market for single family homes in the Reno-Sparks market. As of the post there are only 224 single family homes for sale. Let’s take a look at what’s for sale.
Here is a recap of what’s for sale by price point.
|Price Range||# For Sale||% of Inventory|
|$300,001 – $400,000||17||7.59%|
|$400,001 – $500,000||37||16.52%|
|$500,001 – $600,000||46||20.54%|
|$600,001 – $700,000||25||11.16%|
|$700,001 – $800,000||14||6.25%|
|$800,001 – $900,000||15||6.70%|
|$900,001 – $1,000,000||4||1.79%|
Of the 224 homes for sale 185 or 82.59% are in Reno and only 39 or 17.41% are in Sparks. Of the homes in Reno, 25 are in Northwest Reno, 43 in Southwest Reno, 39 in the North Valleys, and 42 in South East Reno.
Inventory levels continue to favor sellers. In April 66% of all homes sold over asking price. The median price has risen steadily from February at $450,000 to March at $485,000 to May at $494,000. Most of the new listings that are coming onto the market are selling quickly with only an average of 54 days from listing to closing in April.
Buyers face many more challenges. With multiple offers and overbidding more the norm than an exception it is key to be prepared and working with an experienced agent. We can show you what comparable homes are selling for and show you the average over bidding taking place for any home of interest.
Many buyers are looking to new construction, but be prepared as these inventory shortages extend to new construction as well. Builders have waiting lists, lotteries and multiple offer calls. We can help you navigate the new home process. NOTE: WE MUST BE WITH YOU WHEN YOU VISIT NEW HOME SALES OFFICES IF YOU WANT REPRESENTATION.
Contact the Shocket Team and let us know how we can help.