RENO, Nev. – The Reno/Sparks Association of REALTORS® (RSAR) today released its August 2019 report on existing home sales in Reno, Sparks and Fernley, 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 August 2019, the report showed Reno-Sparks had 601 sales of existing single-family homes; an increase of 5 percent from August 2018 and less than 1 percent decrease from one month ago, July 2019. The report listed the median sales price for an existing single-family residence in Reno-Sparks in August 2019 at $399,000; an 8 percent increase from August 2018 and a 2 percent decrease from July 2019. 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 Reno-Sparks in August 2019 was $209,500; a 7 percent decrease from a year ago.
In August 2019, Reno (including North Valleys) had 420 sales of existing single-family homes; an increase of 6 percent from last year and a 3 percent decrease from the previous month. The median sales price in Reno for an existing single-family residence in August 2019 was $410,000; a 3 percent increase from August 2018, and a 2 percent decrease from July 2019. 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 August 2019 in Reno was $212,500; an 8 percent decrease from last year.
Sparks (including Spanish Springs) experienced 181 sales of existing single-family homes in August 2019; a 3 percent increase from August 2018 and a 7 percent increase from July 2019. The Sparks median sales price for an existing single-family residence in August 2019 was $377,500; a 7 percent increase from August 2018 and less than a 1 percent decrease from July 2019. 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 August 2019 in Sparks was $207,500; less than 1 percent decrease from last year.
The August 2019 report indicated that Fernley had 45 sales of existing single-family homes, a decrease of 21 percent from August 2018 and an 18 percent decrease from July 2019. The median sales price in Fernley for an existing single-family residence in August 2019 was $265,000; a 5 percent increase from August 2018, and no difference 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.
“We are starting to see a pattern of stabilization with very little sales price change between the months of July and August. While inventory is up 5 percent from last year, we are still only carrying about 2 months’ supply,” said REALTOR® Angelica Reyes, 2019 RSAR president and managing broker for The Right Choice Realty. “We anticipate with the changes to the FHA Condo Guidelines coming in October, that we will see more movement for first time homebuyers in that market place.”
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.
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