RENO, Nev. – The Reno/Sparks Association of REALTORS® (RSAR) today released its February 2020 reports 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).
Reno/Sparks
During February 2020, the report showed Reno/Sparks had 446 sales of existing single-family homes; an increase of 23 percent from January 2020 and an increase of 14 percent from February 2019. The report listed the median sales price for an existing single-family residence in Reno/Sparks in February 2020 at $390,000; a 5 percent increase from last year and a 4 percent decrease from the previous month. All sales numbers are for existing “stick built, single-family dwellings” only and do not include condominiums, townhomes, manufactured, modular or newly constructed homes. The median sales price of an existing condominium/townhome in Reno/Sparks in February 2020 was $249,500; an increase of 12 percent from last year.
Reno (including North Valleys)
In February 2020, Reno (including North Valleys) had 302 sales of existing single-family homes; an increase of 22 percent from last year and a 15 percent increase from January 2020. The median sales price in Reno for an existing single-family residence in February 2020 was $405,373; an increase of 5 percent from February 2019 and a 4 percent decrease from the previous month. All sales numbers are for existing “stick built, single-family dwellings” only and do not include condominiums, townhomes, manufactured, modular or newly constructed homes. The existing condominium/townhome median sales price for February 2020 in Reno was $255,000; an increase of 12 percent from last year.
Sparks (including Spanish Springs)
Sparks (including Spanish Springs) had 144 sales of existing single-family homes in February 2020; an increase of 25 percent from last year and a 13 percent increase from the previous month. The Sparks median sales price for an existing single-family residence in February 2020 was $367,278; an increase of 2 percent from last year and a less than one percent decrease from the previous month. All sales numbers are for existing “stick built, single-family dwellings” only and do not include condominiums, townhomes, manufactured, modular or newly constructed homes. The existing condominium/townhome median sales price for February 2020 in Sparks was $227,500; an increase of 16 percent from last year.
Fernley
The February report indicated that Fernley had 38 sales of existing single-family homes; a 7 percent decrease from last year and a 3 percent decrease from the previous month. The median sales price in Fernley for an existing single-family residence in February 2020 was $275,000; an increase of 4 percent from February 2019 and no change from last month. All sales numbers are for existing “stick built, single-family dwellings” only and do not include condominiums, townhomes, manufactured, modular or newly constructed homes.
“February’s months’ supply of inventory has continued to decline ending at 1.3 months’ supply,” said Erika Lamb, President of the Reno/Sparks Association of REALTORS® and Broker at Welcome Home Real Estate & Property Management. “The good news is there was an increase of property listings of 11 percent in February. The recent historically low mortgage interest rates are helping to make affordability more of a reality for buyers. The combination of low inventory and low interest rates are helping properties to move quickly. We’re hoping to see listing inventory continue to increase in the region as we come into the busy buying season.”
About RSAR
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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