RENO – The Reno/Sparks Association of REALTORS (RSAR) released its May 2016 report on existing home sales in Washoe County, including median sales price and number of home sales in the region. RSAR obtains its information from the Northern Nevada Regional Multiple Listing Service (www.nnrmls.com).
During May 2016, the report showed Washoe County had 584 sales of existing single-family homes; an increase of 1 percent from a year ago in May 2015 and a 3 percent increase from one month ago in April 2016. The report listed the median sales price for an existing single family residence in Washoe County in May 2016 at $310,000; an increase of 9 percent from May 2015 and a 5 percent increase from April 2016. All sales numbers are for existing “stick built single family dwellings” only and do not include condominium, townhome, manufactured, modular or newly constructed homes. The median sales price of existing condominium/townhomes in Washoe County in May 2016 was $145,000; a 13 percent increase from a year ago.
In May 2016, Reno (including North Valleys) had 394 sales of existing single family homes; an increase of 3 percent from last year and a 5 percent increase from April 2016. The median sales price in Reno for an existing single family residence in May 2016 was $326,296; an 11 percent increase from May 2015, and a 7 percent increase from the previous month. All sales numbers are for existing “stick built single family dwellings” only and do not include condominium, townhome, manufactured, modular or newly constructed homes. The existing condominium/townhome median sales price for May 2016 in Reno was $178,000; a 23 percent increase from last year.
Sparks (including Spanish Springs) experienced 190 sales of existing single family homes in May 2016; a 3 percent decrease from May 2015 and a 1 percent decrease from the previous month in April 2016. The Sparks median sales price for an existing single family residence in May 2016 was $286,000; a 7 percent increase from last year in May 2015 and no change from April 2016. All sales numbers are for existing “stick built single family dwellings” only and do not include condominium, townhome, manufactured, modular or newly constructed homes. The existing condominium/townhome median sales price for May 2016 in Sparks was $125,000; a 76 percent increase from last year.
The May 2016 report indicated that Fernley had 46 sales of existing single family homes; a 7 percent increase from May 2015 and a 5 percent increase from the previous month in April 2016. The median sales price in Fernley for an existing single family residence in May 2016 was $181,250; a 10 percent increase from May 2015 and a 7 percent decrease from last month. All sales numbers are for existing “stick built single family dwellings” only and do not include condominium, townhome, manufactured, modular or newly constructed homes.
“Pending sales are slightly exceeding expectations this spring.” said William Process, 2016 RSAR president and a REALTOR with HomeGate Realty of Nevada. “Even with affordability stresses and inventory squeezes affecting buyers, momentum appears to be building in the local economy, plus the prospect of facing higher rents and mortgage interest rates seem to be bringing more interested buyers into the market.”
The Reno/Sparks Association of REALTORS is an organization providing services to its members to ensure their success as real estate professionals, as well as protecting and promoting the consumer’s dream of homeownership. For more information visit www.rsar.net.