RENO – The Reno/Sparks Association of REALTORS (RSAR) released its November 2018 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 November 2018, the report showed Washoe County had 444 sales of existing single-family homes; a decrease of 17 percent from November 2017 and a 5 percent decrease from one month ago, October 2018. The report listed the median sales price for an existing single family residence in Washoe County in November 2018 at $377,000; with a decrease of 2 percent from October 2018 and an increase of 7 percent from November 2017. 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 November 2018 was $178,000; less than a 1 percent decrease from a year ago.
In November 2018, Reno (including North Valleys) had 309 sales of existing single family homes; a decrease of 19 percent from last year and a 6 percent decrease from the previous month. The median sales price in Reno for an existing single family residence in November 2018 was $395,000; a 10 percent increase from November 2017, and a 3 percent decrease from October 2018. 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 November 2018 in Reno was $171,000; a 17 percent decrease from last year.
Sparks (including Spanish Springs) experienced 135 sales of existing single family homes in November 2018; a 12 percent decrease from November 2017 and a 3 percent decrease from the previous month, November 2018. The Sparks median sales price for an existing single family residence in November 2018 was $355,000; a 6 percent increase from last year in November 2017 and an increase of less than 1 percent from October 2018. 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 November 2018 in Sparks was $185,000; a 20 percent increase from last year.
The November 2018 report indicated that Fernley had 43 sales of existing single family homes; with a decrease of 4 percent from November 2017 and a 7 percent decrease from the previous month, October 2018. The median sales price in Fernley for an existing single family residence in November 2018 was $265,000; an 8 percent increase from November 2017, and a 3 percent increase 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.
“The trend in rising median price is slowing which can be attributed to the winter season and the increase in interest rates as the Federal Reserve adjusts for inflation,” said Doug McIntyre, 2018 RSAR president and REALTOR with Reno Property Management. “All indicators point to a correction in the market as opposed to a real estate bubble.”
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.