Reno Sparks Real Estate - Buyer Market or Seller Market?
I just pulled a summary analysis from Multiple Listing Service data to help illustrate the market conditions (i.e. is there pressure on prices - up or down) by price range.
Often times when we are representing a home buyer, they initially believe that they will be able to drive a ridiculously hard bargain (emphasis on ridiculous) when negotiating price. This is sometimes true, but in today's market your odds of realizing this dream are much more likely in the higher price ranges only.
The table below shows the Months of Inventory for the Reno/Sparks area broken down by price range.
|Months of Inventory||< $150K||$150-250K||$250-350K||$350-500K||$500K-700K||$700K+|
Source: NNRMLS; Area 100-Reno/Sparks; Stick Built Homes ONLY; Inventory - all active and pending listings; Sold Homes - Feb 1, 2009 through Jan 31, 2010.
As you can see, the number goes up rather dramatically after you leave the $350K price range. A market with less than 5 Months of Inventory is regarded as a Seller's market (with rising prices). A market with greater than 7 Months of Inventory is regarded as a Buyer's market (with prices falling). A neutral market generally will have 5 to 7 Months of Inventory.
So, keep this in mind when contemplating your decision on 'when to buy' as well as 'what's happening with pricing' in the price range you are targeting.
For more information on Months of Inventory and a wide range of other Reno and Sparks Real Estate Market Statistics, subscribe to The Greater Reno-Tahoe Real Estate Report - it is free and updated monthly with key trends in the local markets.
Broker - CalNeva Realty