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 of 2014, with a low point of 1.3 months supply of homes in March 2018 equaled again just recently in February 2020.
However, it is not a Seller’s market in all the price points or all areas of Reno and Sparks. Certain areas and price points have much more inventory than is required to support the current buyer pool.
Buyer or Sellers Market?
For most owners, it is clearly in the Seller’s favor. However, owners of higher-end and luxury homes, have less of an advantage. Homeowner’s in areas with lots of new development (new home construction) also will experience less benefits of an inventory imbalance in the resale market.