The chart below shows graphically our areas supply of homes over the last year. Remember a balanced market is generally consider 6.0 MSI (Months Supply of Inventory). We have been in a Seller’s market since February or 2014, with a low point of 3.1 months supply of homes in December 2014.
Update: As of the end of March 2018 we are now at 1.1 months of inventory. See Reno Supply of Homes For Sale Down To Record Low
However, it is not a Seller’s market in all the price points or all areas of Reno and Sparks. Take a look at the graph below and notice that certain areas (area 164, 142, 171, etc) have many much more inventory than is required to support the current buyer pool.
Buyer or Sellers Market?
This may come as a surprise for many, particularly those owners in Reno’s higher-end and luxury home market. If you would like more information on how to sell a home in the Luxury Market, visit Marketing for Luxury and Higher-end Real Estate in Reno.