Reno Home News Blog

Homes under $600K still a very hot market.

In the real estate industry, we’ve been talking about low levels of inventory for many months now. But what does that mean? We’ve broken down the Months of Inventory by price range, as of December 28th. For homes priced $10,000-$300,000 there is less than one month of inventory at just 28 DAYS! For homes in the range of $300,001-$600,000, inventory is just 58 days, which is 7 days fewer days than at the end of November. Although inventory has increased slightly since earlier in 2015, these two price ranges have been in a very strong seller’s market for many months now. However, in the price ranges above $900,000 we have a greater inventory of available homes, and with that we see a shift to more of a buyer’s market. It’s good to note that the National Association of Realtors looks for 5 - 6 months of inventory in a balanced market, where neither seller’s nor buyer’s have a distinct advantage.

If you’re in the market to purchase a home in the price ranges below $600,000, you will want to work closely with me, as your Dickson agent, and your lender to give you the best chance of having your purchase offer accepted by a seller. If you’re not currently working with a lender, please contact one of the Eagle Home Mortgage representatives located next to our Dickson Realty offices in Caughlin Ranch.

If you are selling in these price ranges, I can help you price your home correctly and help negotiate the best deal on the sale of your home.

Now let’s look at Year to Date sales as of December 28th. Nearly 95 percent of sales this year have been in the price ranges under $600,000! In the month of December, there was a slight change in percent of sales that lends to more activity with higher-priced homes. The percent of sales of homes $300,000 and below decreased by 0.4 percent from November to December, and there was a slight increase for properties sold from $300,001-$600,000, and the range $900,001-$1,500,000. While the percent changes were not particularly drastic, we are seeing that people are stepping up to a higher price bracket to find the right home to purchase.

Increased values are putting more sellers in a positive equity position This may be you, and if you are ready to move, the time may be right for us to have a conversation.

At Dickson Realty, we have the tools and technology to stay on top of the market. That will help you buy or sell at the right price.To learn more about these market statistics, or to find out what your home is worth in today's market, please contact me.

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