Currently there are 2672 homes on the market in the greater Reno and Sparks area. Of that amount there are 1917 that are in escrow, (pending) making the actual amount of homes on the market that are not sold is 753. Economists judge the market by how many homes are being sold per month versus how many on the market, a balanced market is about 6 to 7 months. Meaning at the current rate we are selling homes, which is 500 per month we would sell all of the inventory in just over 5 months.
That means our area is currently in a Sellers market based on the current statistics. Keep in mind the new law that went into effect last October, AB 284 which is restricting the number of foreclosures on the market. It says banks cannot foreclosure on a seller unless