The Reno/Sparks Association of REALTORS® (RSAR) today released its May 2020 report on existing home sales in Reno/Sparks and Fernley, including median sales price and the number of home sales in the region. RSAR obtains its information from the Northern Nevada Regional Multiple Listing Service.
During the month of May, RSAR saw:
A spike in the median sales price of existing condominium/townhome in Reno/Sparks; up 18.7 percent from last year and an increase of 17.4 percent from the prior month.
Units sold were down due in part to extended closing times to allow for the extra precautions necessary during the Stay Home for Nevada directives.
New listings increased slightly from last month, at 601 new listings in May 2020, an increase of 3.8 percent.
“With Stay-at-Home orders being lifted across Northern Nevada, we are confident that home sales will continue to increase over the next few months,” said Erika Lamb, President of the Reno/Sparks Association of REALTORS® and Broker of Welcome Home Real Estate and Property Management. “We saw a slight increase in the number of new listings in May, and we hope to see that number continue to grow throughout the summer. We will continue to ensure that people who want to buy and sell a home, can do so safely in Nevada.”
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According to the National Association of Realtors, buyers and sellers are eager to begin the home buying process as soon as stay-at-home home orders are lifted. A new survey shows that more than 3 in 4 potential sellers, 77 percent are preparing to sell their homes following the end of stay-at-home orders.
More information, divided by region, is provided below. All sales numbers are for existing “stick built, single-family dwellings” only and do not include condominiums, townhomes, manufactured, modular or newly constructed homes unless otherwise stated.
Reno/Sparks
In May 2020, Reno/Sparks had 396 sales of existing single-family homes: a decrease of 41.9 percent from last year and a 2.3 percent increase from the previous month.
The median sales price for an existing single-family residence in Reno/Sparks was $399,900; an increase of 2.5 percent from last year and a 3.6 percent decrease from the previous month.
The existing condominium/townhome median sales price of an existing condominium/townhome in Reno/Sparks in May 2020 was $270,000; an increase of 18.7 percent from last year and an increase of 17.4 percent from the prior month.
Reno (including North Valleys)
In May 2020, Reno (including North Valleys) had 279 sales of existing single-family homes: a decrease of 39.6 percent from last year and a 6.5 percent increase from the previous month.
The median sales price for an existing single-family residence was $400,000; a decrease of 4.9 percent from last year and an 8.3 percent decrease from the previous month.
The existing condominium/townhome median sales price in May 2020 was $255,000; an increase of 9.7 percent from last year and an increase of 4.1 percent from the prior month.
Sparks (including Spanish Springs)
In May 2020, Sparks (including Spanish Springs) had 117 sales of existing single-family homes: a decrease of 46.8 percent from last year and a 6.4 percent decrease from the previous month.
The median sales price for an existing single-family residence was $385,000; an increase of 9 percent from last year and no change from the previous month.
The existing condominium/townhome median sales price for April 2020 was $287,500; an increase of 34.4 percent from last year and an increase of 35.9 percent from the prior month.
Fernley
In May 2020, Fernley had 31 sales of existing single-family homes: a 44.6 percent decrease from last year and a 29.5 percent decrease from the previous month.
The median sales price for an existing single-family residence was $272,500; a decrease of 1.6 percent from last year and a less than one-half percent decrease from the previous month.
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About the Reno/Sparks Association of REALTORS® (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 rsar.realtor.